Bitcoin miners will help “save the world” as they transition to green energy sources. This is according to entrepreneur and Shark Tank star Kevin O’Leary, also known as Mr. Wonderful.
How Bitcoin Miners Will Save The World
Bitcoin has come under the microscope of regulators and politicians around the world over energy concerns. Enervating debates regarding bitcoin’s purported energy consumption began after electricity utility in minting new bitcoins was contrasted with the annual energy consumption of some nations. The PoW-powered cryptocurrency is thus said to be gobbling up the world’s precious energy and consequently responsible for a significant amount of carbon emissions.
Notably, China infamously outlawed crypto mining in May 2021 due to energy concerns. Shortly afterward, mining operations migrated to countries such as the United States, Kazakhstan, and Russia.
However, Kevin O’Leary is of the opinion that miners can mitigate those environmental impacts and ultimately help clean up the bellwether cryptocurrency’s dirty image. During the Miami Bitcoin 2022 conference, O’Leary stated that “bitcoin mining is going to save the world.”
Some believe that miners can be a force multiplier for green energy infrastructure. It’s estimated that nearly 40% of bitcoin mining currently is powered by green energy, mainly hydroelectric. O’Leary explained that the growing demand for geothermal and nuclear power will not only boost innovation but also further the adoption of cleaner energy.
According to the Canadian businessman, miners should pick clean energy alternatives from the start because carbon offset programs are not viable as long-term solutions to bitcoin’s carbon emissions.
O’Leary Predicts Crypto Will Be The S&P 500’s “12th Sector”
During his keynote speech at the giant Bitcoin conference, Mr. Wonderful also indicated that there are “billions of dollars waiting for policies” on crypto assets. He proposes regulating the crypto industry as more deep-pocketed investors would then be more confident about entering the space.
“When we get policy, and the regulator regulates, that’s not a negative thing. The spigot of capital is going to flood into the sector like you’ve never seen. Those of you that can invest now, you are getting ahead of what’s going to be a huge wave of interest.”
Along those lines, the former bitcoin basher forecasted that crypto will become the twelfth sector of the S&P 500 or the Global Industry Classification Standard (GICS).
O’Leary further noted that regulations are coming and stressed that this will be a “good thing” for the industry. And if his prediction comes to pass, crypto could become the biggest sector in the U.S. economy.