Bitcoin (BTC) price is still trading below the $60,000 mark as buyers take a step back to allow for consolidation to take place.
Fundamental analysis: Kevin O’Leary says he will not buy “blood” Bitcoin mined in China
Canadian businessman and investor Kevin O’Leary said he will only purchase Bitcoin mined in countries that use clean energy and the “blood coin” mined in China.
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“I see over the next year or two, two kinds of coin. Blood coin from China, (and) clean coin mined sustainably in countries that use hydroelectricity, not coal. I’m going on the side of clean coin,” he told CNBC.
About 65% of Bitcoin in the world was mined in China as of April last year and it is common how highly energy-consuming Bitcoin mining is.
He did not disclose where he buys the “clean” Bitcoin. However, some countries use hydroelectric power much more compared to other nations and some organizations emphasize that they mine cryptocurrencies in a sustainable manner.
O’Leary previously called Bitcoin “garbage” but has had a change of heart recently and said he plans to allocate 3% of his portfolio to BTC. After he said he was planning to buy Bitcoin, O’Leary was asked if he was buying “blood coin from China”.
Moreover, major institutions are imposing restrictions on assets they buy to meet environmental and corporate governance regulations. O’Leary said that when it comes to his personal portfolio, he’s trying to make sure each cryptocurrency he owns is compliant.
“I’m not buying coin unless I know where it was mined, when it was mined, the provenance of it. Not in China. No blood coin for me,” he concluded.
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Technical analysis: Up or down?
Bitcoin price is trading around the $58,000 handle as consolidation below $60,000 continues. The price action has been trading in a tight range ($56,500 – $60,000) in the past 10 days. Overall, BTC price trades almost 2% in the red in April.
Looking lower, the price action is supported by the confluence of 100MA and 200MA on a 4-hour chart. This area, sitting below $56,000 and $57,000, is offering a chance for crypto traders looking to invest in Bitcoin to get on the long side before a potential breakout above the $60,000 handle. Higher, $62,500 and $66,000 are next targets for BTC bulls.
Summary
Investor Kevin O’Leary said he will not buy “blood” Bitcoin mined in China but rather invest in cryptocurrencies mined in countries that use clean energy.
