We’re all familiar with the concept of organic vs. non-organic food, but Shark Tank’s Kevin O’Leary sees a similar distinction being applied to Bitcoin. He predicts the divergence of Bitcoin into two classes, the clean “virgin” garbage and worthless. His reasoning, back then, was the inability to buy goods and services with it.
O’Leary Will Only Buy Clean Bitcoin
Speaking to CNBC, O’Leary said he would only purchase sustainably produced Bitcoin and never “blood coins” from China. He added that this contrast would become more apparent in the next year or two, forming distinct markets in the process.
U.S.-China Trade War Still On-Going
Talk of a U.S.-China trade war was prominent a year or so ago. Flashpoints included the arrest of Meng Wanzhou, the daughter of Huawei’s founder, on Canadian soil at the request of the U.S., And the trade ban restricting U.S. firms from dealing with the Chinese, in particular tech and chip companies.
While these stories have faded in recent times, O’Leary claims the trade war between the U.S. and China continues. He calls for more aggressive action against China to “level the playing field.” His suggestions include delisting Chinese stocks and restricting access to U.S. legal system.
O’Leary maintains that this is how U.S. firms are dealt with in China. He added that even as a manufacturer in China, he could not sell into the Chinese market.
“I can’t sell my product there, and yet they enjoy those benefits in North America and in Europe.”
The World Bank ranks China 31st out of 190 countries for ease of doing business. While the U.S. takes 6th place in the same report.
Many foreign companies persevere in accessing the lucrative Chinese market. In some cases, the Chinese government requires a partnership or joint venture with a Chinese firm to do business in China.
Source: BTCUSD on TradingView.com