Shark Tank's O'Leary Says a 'Made in China' Label on Bitcoin Keeps Some Funds Away

"I have had many institutions tell me they do not want to own 'China coin,'" he said at a Cboe event.

AccessTimeIconMar 25, 2021 at 11:14 p.m. UTC
Updated Sep 14, 2021 at 12:32 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The reluctance of many institutions to have exposure to China is going to a problem for mass investment in bitcoin as most of the cryptocurrency is mined there, said Kevin O'Leary, co-host of the TV show "Shark Tank."

  • Speaking at the Cboe Global Markets webinar, O'Leary said that for bitcoin to really take off with institutions, it needs to be acceptable to ethics and sustainability committees.
  • "It needs to be compliant," said O'Leary, who is also chairman of O'Leary Fund Management. "That's going to be a problem going forward."
  • O'Leary said institutions are going to be asking themselves: "Is this coin manufactured in countries that are abusing human rights or have sanctions against them? I'm really speaking now of China. I have had many institutions tell me they do not want to own 'China coin,'" he said.
  • O'Leary said he spends "a fair amount" of his time trying to deal with miners that are willing to mine compliantly, both on his own behalf and for institutions.
  • The firms are "really interested in owning a coin that have some kind of provenance to them."

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.