Kevin O’Leary (aka “Mr. Wonderful” on ABC TV series “Shark Tank“) recently said that “trillions of dollars” of institutional money is holding off on Bitcoin until the environmental, social and corporate governance (ESG) issues have been resolved.
“I talk to institutions every day. They are not going to buy Bitcoin until this ESG issue is resolved. Period. There’s no flexibility. They have no choice. They’ve already decided that they are going to stay within the covenants of their ESG committees.…
“So, [the institution’s] decision is, ‘I’ll take a 5% weighting in Bitcoin. But I have a sustainability committee to answer to first, and I will only own coin that’s mined in my own facility, or I’m a shareholder where I know it’s done sustainably, or I will buy it with a [sustainable] wrapper.’
“That’s where I think we’re going. And if that happens that way and the institutional log jam opens up, and that capital starts coming – in which, by the way, is in the trillions of dollars – I see Bitcoin outperforming the stock indices for a very long time. But I’m not betting the farm on it. I’m a 3-5% weighting. That’s a rational decision for an investor like me.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.