Kevin O’Leary, a well-known TV personality and millionaire investor, stated that the New York State’s Proof-of-Work (PoW) ban would drive businesses away. The state, like California and Massachusetts are uninvestable, according to the crypto bull. This is due to its unfriendly policies and poor management.
He stated that the sector needs regulatory clarity and did not see Terra’s collapse as a reason to reject stablecoins in general.
“New York State is uninvestible”
The New York State Assembly passed last month a moratorium bill that targets carbon-based PoW mines. As the Senate has yet to vote on the bill, it is not yet signed into state law.
Kevin O’Leary, in his latest interview with CNBC said that the antagonistic attitude towards crypto-businesses was a big mistake. He claimed that the state failed to make use of hydroelectricity’s abundance as an alternative energy source. He claimed that many miners would rather use it than carbon energy.
They can make a lot of money and create good jobs from this. All they have done is scare away capital.
Canadian business uses his personal experience to support his position. He noted that he had re-allocated investments that would have been in New York to Norway. He also noted that New York, California, Massachusetts and New York have such poor management policies regarding digital assets, that he would not choose to invest in them.
He instead said that he would rather invest in Florida and Texas, as these states’ approaches reflect his thesis about bitcoin and cryptocurrency “won’t disappear.”
The billionaire commented on Terra’s recent collapse in its ecosystem. He said that Terra was only an experiment on stablecoins and does not change the fundamental concept of what a stabilize coin could be.
O’Leary opposed stablecoins that are denominated in the US dollar and referred to them as “a form entertainment similar to going to Las Vegas.” This should not be a concern for the entire stablecoin industry.
He explained his pro-regulation stance regarding stablecoins by stating that businesses would have a framework for what to do with the asset. This would allow for healthy competition between different projects.
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