Bitcoin mining will save the world: Kevin O’Leary

The renowned crypto bull viewed the regulations as the main catalyst for wider cryptocurrency adoption.

Speaking at the 2022 Bitcoin Conference, Kevin O’Leary expressed his support for Bitcoin and renewable proof-of-work mining. He believed regulations introduced by bipartisan lawmakers could remove investor uncertainty about the sector.

Cryptocurrency regulations encourage capital inflows
Kevin O’Leary, the well-known investor and media personality nicknamed “Mr.Wonderful,” touted his support for renewable crypto mining, as well as proactive regulatory actions likely to be introduced by the US government in the near future.

Mr. Wonderful is an open crypto bull who previously disclose that cryptos, along with tokens and blockchain companies, accounted for 20% of his funding portfolios.

O’Leary told the conference that the US Congress is working on regulations targeting the crypto industry, which he took as a positive sign as capital will soon flow aggressively into the crypto industry sector once regulatory concerns are addressed.

I have spent a lot of time in Washington over the last three months. The good news is that there are many senators and representatives proactively considering this on a bipartisan basis.

He boldly claimed that the cryptocurrency will become the 12th sector of the S&P 500, the predominant index that includes the “500 strongest companies listed on the US stock market for the industry.

Stablecoins as the Reserve Currency
When it got here to stablecoins, O’Leary took into consideration the asset as “one of the fastest-developing asset classes outside of Bitcoin.” If issued stablecoins are fully supported by the United States dollar, he believed stablecoins may be uplifted as the brand new reserve currency
He warned that turning a blind eye to this new innovation would be a big mistake because stablecoins with immense power could be used and adopted very fast by other countries.