Kevin O'Leary sees bitcoin at $1 million, but says quantum computers are a variable

Kevin O'Leary (케빈 오리어리) forecast that bitcoin could rise to $1 million over the long term. He stressed, however, that institutional investors would need concerns resolved over a so-called “Q-Day,” when quantum computers could neutralise bitcoin’s cryptography, before they add bitcoin on a large scale as a core asset.

On Sept. 18, blockchain outlet Decrypt reported that O'Leary appeared on “The Rollup” podcast during the Avalanche Summit in New York and spoke about bitcoin’s long-term upside and the risks of quantum computing.

Asked whether bitcoin could reach $1 million, O'Leary answered positively but said quantum computing is a key variable. He said concerns must be addressed that quantum computers could break bitcoin’s algorithms, chain and encryption system.

He said institutional allocations to bitcoin are also tied to this issue. Large institutions currently treat bitcoin not as a core portfolio asset but as an asset that replaces part of gold, he said. O'Leary has previously said large funds generally cap bitcoin allocations at around 3 percent.

O'Leary said his own investment strategy, once centred on bitcoin and ethereum, has also changed. He said he used to think that investing in the two assets captured most of the crypto industry’s upside potential, but now acknowledges that view was wrong.