Kevin O’Leary, the popular Shark Tank judge, believes that institutional money will flow into bitcoin after miners address ESG concerns. ESG are three central factors used to measure the sustainability and societal impact of an investment in a company or business: environmental, social and governance.
Speaking at a convention recently, O’Leary, popularly known as Mr Wonderful, said that one reason for the relatively slow pace of adoption is that firms have sustainability committees that screen every investment and filter ones that don’t meet ESG standards.
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“The fact that they’re going through this process, I consider a very positive sign for cryptocurrency,” O’Leary said as per a Business Insider report.
He emphasized that institutional investors are still interested in bitcoin despite the recent sell-off. “So everybody’s got to wake up and realize there’s demand, but it has to be done around ESG concerns,” he said.
Earlier, Elon Musk had also announced that Tesla would stop accepting bitcoin because of the potential environmental damage that can result from bitcoin mining. The announcement sent Bitcoin falling below $50,000 and set the tone for the big pullback recently in most cryptocurrencies.
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