Kevin O’Leary said Bitcoin could eventually rise to $1 million if the crypto industry can solve the security risks posed by quantum computing, according to BlockBeats on Sept. 19.
Speaking in an interview with The Rollup, O’Leary said future quantum computers may be able to crack the cryptographic algorithms and digital signatures that underpin Bitcoin. He said that risk needs to be addressed; otherwise, institutional investors may continue to view Bitcoin as a non-core asset.
A condition for a $1 million Bitcoin
O’Leary said one of the conditions for Bitcoin to reach $1 million is removing market concerns around “Q-Day.”
He has changed his view on BTC and ETH
O’Leary also said he has shifted from his earlier stance on Bitcoin and Ethereum. He said he previously believed BTC and ETH would capture most of the crypto market’s volatility, but no longer thinks Ethereum will become the industry’s final standard, saying, “Its speed and security are not enough.”
His current bet is that different industries may ultimately adopt different blockchains as the infrastructure for asset tokenization.
AI investment focus moves to power infrastructure
In AI, O’Leary said he is investing in the power infrastructure behind AI rather than betting on specific AI models. He said AI development depends on electricity and that he has already invested in power projects and uranium assets, betting that small modular reactors will supply electricity to U.S. data centers in the future.
View on U.S. crypto legislation
O’Leary also said he does not expect the Clarity Act to make progress before the U.S. midterm elections. He said Congress may revisit a bipartisan version of a crypto market regulation bill after the midterms.