On March 19, O’sShares ETF Chairman Kevin O’Leary took issue with Biden’s executive order on cryptocurrency and sold all of his shares in related cryptocurrency mining companies because he was sure they would quickly Be the target of a Biden administration.
In an interview, he said that this is not a blanket ban, so it is good news, but there is a huge landmine for bitcoin miners in the order. Some of the climate discussions outlined in the executive order are focused on companies that mine bitcoin and digital currencies.
What this bill basically says is that we’re going to start thinking about the climate of cryptocurrencies. Now, that’s bad news, because all of these bitcoin miners use carbon credits to offset their so-called carbon usage. There is no known way to audit these companies, which puts them at a huge disadvantage.