Bitcoin Will Hit $1 Million, Says Kevin O’Leary—But There’s a Quantum Catch — SkimNews
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- Kevin O'Leary told The Rollup podcast at Avalanche Summit that Bitcoin could reach $1 million if the industry resolves the quantum computing risk that could break Bitcoin's encryption, known as 'Q-Day'
- O'Leary reversed his prior thesis that Bitcoin and Ethereum alone would capture crypto's volatility, now betting that whole industries will each standardize on their own blockchain
- The investor wore an $11 million Shohei Ohtani 1-of-1 baseball card in a Tiffany-made holder with 110 carats of diamonds and 2.2 pounds of white gold to argue 'this asset class should be on-chain'
- O'Leary is investing in the AI power grid rather than individual models, including his first-ever position in uranium and holdings in BitZero, a former Bitcoin miner turned Nasdaq-listed power company with land in Norway, Finland, Alberta and Utah
- The SEC issued its 'Innovation Exemption' rule this week letting approved platforms trade tokenized stocks, which O'Leary frames as proof crypto will become the '12th sector of the S&P'
- O'Leary said institutions already cap Bitcoin exposure at around 3% of portfolios due to quantum fears, citing a Google research paper arguing Q-Day could arrive sooner than the industry expects
- O'Leary doesn't expect the Clarity Act to pass before midterm elections but anticipates a bipartisan version afterward
Why it matters: O'Leary's claim that quantum fears already cap institutional Bitcoin exposure at around 3%—plus a Google paper warning Q-Day could come sooner than expected—means the encryption risk is shaping real portfolio decisions today, not decades out. His simultaneous pivot from picking AI models to buying uranium marks an unusual hedge from a high-profile mainstream investor.
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