Bitcoin Will Hit $1 Million, Says Kevin O’Leary—But There’s a Quantum Catch

In brief

• Kevin O'Leary thinks Bitcoin could hit $1 million if the industry resolves the quantum computing threat known as "Q-Day."
• O'Leary said his old thesis that Bitcoin and Ethereum alone capture crypto's upside was wrong, and now bets industries will standardize on whichever blockchain their exchanges pick first.
• Instead of betting on individual AI models, O'Leary is investing in the power grid behind them, including a first-ever position in uranium to back next-generation nuclear reactors.

We’re back in ultra bullish mode again, and "Shark Tank" star Kevin O'Leary just put a number on Bitcoin’s endgame: $1 million. Then he laid out exactly what has to happen first.

Speaking with The Rollup podcast at Avalanche Summit in New York, the famed investor said Bitcoin’s path to seven figures rungs through a risk nobody’s solved yet: Quantum computers powerful enough to break the encryption behind the whole technology. Until that is resolved, he said, institutions will keep treating Bitcoin more like a novelty than a core holding.

O'Leary showed up to the summit wearing an $11 million baseball card around his neck. That's not a figure of speech.

The investor and media personality was draped in a Shohei Ohtani 1-of-1 collectible, sealed inside a Tiffany-made holder with 110 carats of diamonds and 2.2 pounds of white gold. His collecting group bought the card for a record sum this year. It also happened to be the perfect prop for the argument he spent the next few minutes making to The Rollup podcast.