China Coin

Institutions Do Not Want to Own ‘China Coin’ Bitcoin

China Coin

“Shark Tank” investor Kevin O’Leary said that institutions do not want to own cryptocurrency mined in China. This is because of human rights issues in the country, he added, calling Bitcoin mined in China “blood coin”.

“I’ve had many institutions tell me that they don’t want to own ‘China coin’,” said O’Leary in a recent webcast. Big corporations will become concerned as to where the cryptocurrency they own came from. 

“If you don’t want to own ‘China coin’—also being called ‘blood coin’, which sounds like blood diamonds—you’re going to prove where your coin is born,” he added.

The “Shark Tank” co-host Kevin O’Leary is a famed entrepreneur and the chairman of O’Shares ETFs. He is now looking for miners outside China, helping institutions to own “virgin coin”—ethically-mined Bitcoin.

 Since 2017, over 65% of the mining power of the entire Bitcoin network is provided by miners located in China.

“The real issue is around compliance and sustainability, and other issues such as, is this coin manufactured in countries that are abusing human rights, or have sanctions against them? And I’m really speaking about China,” he said.

 

Temasek Buying Bitcoin from Miners

Surpassing the $60,000 mark earlier in March, Bitcoin’s price fell by 10% in the past seven days. At the time of writing, Bitcoin is trading at $51,876, down 0.6% over the previous 24 hours. 

For now, it appears that Bitcoin continues its foray into the mainstream. Singapore sovereign fund Temasek has been buying Bitcoin from miners, investment strategist and founder of Real Vision Raoul Pal said in his recent podcast. 

Pal said Temasek, which holds about $306 billion in assets under management, has been buying Bitcoin from miners.

During the podcast, Robert Gutmann, CEO of New York Digital Investment Group (NYDIG), also revealed that NYDIG has been having conversations with sovereign wealth funds about possible Bitcoin investments.