O'Leary Sets $1 Million Target for Bitcoin, with Caveat
Kevin O'Leary, known for his outspoken views on cryptocurrency, recently spoke at the Avalanche Summit. He wore an $11 million Shohei Ohtani baseball card around his neck to make a point about tokenization.
O'Leary believes that Bitcoin can reach $1 million in value, but only if the industry addresses the issue of quantum risk. The fear is that a quantum computer could forge signatures securing every Bitcoin wallet, potentially invalidating all transactions.
However, O'Leary notes that no such machine exists yet, and estimates for when one arrives range from the early 2030s to never. He suggests that large funds are capping their Bitcoin exposure at around 3% because of this risk.
O'Leary also changed his stance on Ethereum. In an interview, he stated that owning Bitcoin and Ethereum captured 97% of crypto's upside because everyone would standardize on Ethereum. However, he now believes that entire industries will choose their own blockchain, and the first major exchange to adopt a particular chain for tokenization will see its token skyrocket.