A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has predicted that trillions of dollars will flow into cryptocurrencies, particularly bitcoin. In addition, he said bitcoin mining will “save the world.”
Shark Tank star Kevin O’Leary gave a keynote speech at the Bitcoin 2022 conference Thursday.
He said that based on his experience in the indexing business, “massive pools of capital, these trillion-dollar pools” are waiting for policy. They currently own zero or very little crypto. “It’s the purvey of high net worth individuals, hedge funds, and retail investors,” he clarified.
Mr. Wonderful detailed:
What we’re missing is policy. When we get policy and the regulator regulates, that’s not a negative thing. The spigots of capital are going to flood into this sector like you’ve never seen.
“So for those of us that can invest in it now, you are going to get ahead of what’s going to be a huge wave of interest when policy occurs,” he added.
I predict in the next 10 years that crypto, blockchain, bitcoin — all of this innovation — will be the 12th sector of the S&P.
The Shark Tank star also discussed “why bitcoin mining is going to save the world.”
He explained: “Why is bitcoin mining good for the Earth? Because the next generation of bitcoin miners … are starting to work with energy that does not require carbon — hydroelectricity and nuclear power, wind and solar.”
Mr. Wonderful continued: “The drive to produce bitcoin is so economic in value that they will go ahead and fund the next generation of machines and turbines. 90% of dams built in America in the last hundred years contemplated hydroelectricity but never installed the turbines.”
He exclaimed: “I’ll install the turbines. Why? Because it’s great economics if I can use that and not be hassled by a carbon audit.” Noting that “It provides for communities, it provides extra power,” the Shark Tank star opined:
This is the future of bitcoin mining. We will be developing power for all communities while we mine coin in an ethical and 100% green mandate that we can do with hydroelectricity.
O’Leary further said: “The beautiful strategy here is when we get policy … When we make bitcoin an allocation for institutions, which they do not have yet, what I predict will happen: they will put between 50 basis points to 300 basis points into their portfolios.” He concluded:
How much money is that? Trillions of dollars. So if you want to see bitcoin appreciate in value, if you are an advocate like I am … You want regulation … and you stand back and watch the capital pour into this.
What do you think about Kevin O’Leary’s comments? Let us know in the comments section below.
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