Kevin O'Leary: I'm going on the side of clean coin'

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Kevin O'Leary: I'm going on the side of clean coin'

Celebrity investor Kevin O'Leary says he will only buy bitcoin mined in countries that use clean energy- and not blood coin mined in China.

I see two kinds of coins over the next year or two, he told CNBC's Capital Connection on Monday. Blood coin from China, clean coin extracted sustainably in countries that use hydroelectricity and not coal.

Bitcoin mining is very energy intensive, and according to Statista, around 65% of the world's bitcoin was mined in China in April 2020.

I 'm going to go on the side of clean coin, said O'Leary; O'Leary did not elaborate on where he accumulates clean bitcoin, but some countries use hydroelectric power more widely than others, and there are entities that claim to mine cryptocurrencies in a sustainable way.

The chairman of O'Shares ETFs once called bitcoin garbage but changed his mind more recently and said that he would allocate 3% of his personal portfolio to cryptocurrency, according to a CoinDesk report.

O'Leary said he was inundated by institutions asking if he was buying blood coins from China after he said that he wanted to invest in Bitcoin.

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