Famous millionaire investor, Kevin O’Leary called the State of New York ‘uninvestable’, along with California and Massachusetts due to their poor management and unfriendly policies towards crypto business.
In a recent interview, the Canadian businessman talked about how New York’s antagonism towards crypto businesses is a huge mistake.
The state has an abundance of hydroelectricity, an alternative power source which many crypto miners would prefer to utilize over carbon energy.
However, New York went in the opposite direction and imposed a two year ban on crypto mining operations that used proof-of-work(PoW) mechanism.
New York has failed to capitalize on this advantage which would have generated “a lot of taxes and good jobs out of this, and all they [New York] have done is to scare the capital away.”
Talking about his personal experience, Kevin says that he re-allocated his investments from New York to Norway.
He believes that California, Massachusetts, and New York are so “poorly managed” with unstable policies on digital assets that he would choose not to invest there at all.
Kevin says he would instead choose to invest in Florida or Texas, as their policies align with his belief that bitcoin and cryptocurrencies “won’t go away”.
Kevin also points out the fact that the rising real estate prices in Miami can be attributed to its policies that attract crypto companies.
Talking about the recent TerraUST and Luna stablecoin crash, Kevin says that the Terra ecosystem collapse was simply a ‘failed experiment’ and does not “change the basic concept of what a stablecoin could be.”
He compares algorithmic stablecoins as “a form of entertainment” similar to “going to Las Vegas”. He does however, favor stablecoins denominated to the US dollar and himself uses them.
Kevin has a pro-regulation stance for stablecoins explaining that regulatory clarity would provide businesses with a clear framework of what to do with the assets, leading to healthy competition among different projects.