O'Leary: Quantum Threat Could Send Bitcoin to $1 Million
Canadian entrepreneur and investor Kevin O'Leary, also known as 'Mr. Wonderful', believes that Bitcoin's price could reach $1 million if the crypto industry can address the threat posed by quantum computers.
O'Leary made this comment during an interview at the Avalanche Summit in New York, citing the potential for a quantum computer to break public-key cryptography and compromise the security of the network.
In his previous investment strategy, O'Leary had bet on both Bitcoin and Ethereum, expecting the industry to standardize around Ethereum. However, he has since shifted his focus away from Ethereum, stating that different industries may choose separate blockchains depending on their needs.
O'Leary is now investing in energy infrastructure that will power AI growth, including BitZero, a former bitcoin miner turned energy company, and private energy projects in Canada and the US. He also recently opened a position in uranium for the first time in his investing career, citing the potential demand for uranium to power data centers with small modular nuclear reactors.