Shortly after the New York State Assembly considered imposing a two-year moratorium (currently suspended) on certain types of Proof-of-Work (PoW) cryptocurrency mining ventures ) on its turf, powerful industry figures are voicing their views on such efforts – including Shark Tank’s Kevin O’Leary.
Specifically, the venture capitalist and multi-millionaire commented in a CNBC video on May 25 what a PoW ban would mean for New York State. According to him, such a thing would make no difference to the industry as a whole “because Bitcoin mining will continue, but it’s really bad for New York.”
O’Leary thinks most miners would rather use hydroelectricity, which New York has in abundance, instead of more harmful, carbon-burning energy. The state itself “would take a lot of taxpayers’ money and good jobs, but all it did was scare away capital.”
Texas, Florida, Switzerland, Norway, United Arab Emirates – more crypto-friendly
As an example, O’Leary mentioned one of his own projects, a successful, completely zero-carbon data center, which he said needed to be moved to Norway – the environment he considers as “much more business-friendly”.
New York’s anti-crypto stance is also one of the reasons he believes real estate prices have risen in Miami:
“It’s all the people leaving New York. California, New York, and Massachusetts are examples of poorly run states, and I don’t want to pick on them — I wouldn’t invest there. I would invest in places like Texas, Florida, Norway, Switzerland, UAE, which have a stable policy around digital currencies.
O’Leary opined that New York was making a mistake thinking Bitcoin (BTC) was going away – “it’s up to them to do it, but it’s not creating jobs, it’s not attracting capital. And certainly , policymakers there need to do a bit more work to understand what Bitcoin mining can be for them.
New York non-investable
Finally, the venture capitalist pointed out that:
“But at the moment it is not possible to invest. Imagine saying that about a state: non-investable.
Finbold has previously reported on O’Leary’s enthusiasm for cryptocurrencies, including optimism that banning Bitcoin and other cryptocurrencies is no longer an existential threat.
In early March, he said cryptocurrencies accounted for up to 20% of his investment portfolio.