Bitcoin's mega-bullish narrative just got a fresh jolt. Shark Tank star and Canadian investor Kevin O'Leary has floated a staggering $1 million price target for Bitcoin, but he believes the foremost cryptocurrency must clear one major technological hurdle first: the growing threat posed by quantum computing.
Bitcoin's $1 Million Dream Faces One Major Quantum Test, According to Kevin O'Leary
During an appearance on The Rollup podcast at the Avalanche Summit in New York, Kevin O'Leary argued that Bitcoin's journey toward a $1 million valuation could ultimately hinge on its ability to withstand quantum computing.Â
He pointed to the possibility of advanced quantum machines compromising the cryptographic safeguards that underpin the network. In his view, institutions are unlikely to make Bitcoin a mainstream portfolio allocation until the industry can convincingly address that threat.
When asked whether Bitcoin could ever reach the $1 million milestone, O'Leary pointed to quantum computing as a key hurdle, saying, “It will if it can resolve the doubt creeping in around quantum computing.â€
O'Leary's stance on Bitcoin has changed dramatically over the years. After dismissing the cryptocurrency as “garbage†in 2019, the Shark Tank star shifted his position in 2021, pointing to growing institutional interest. He then moved beyond commentary and began investing in digital assets.



 
Why O'Leary Is Walking Away From EthereumÂ
Just months ago, O'Leary had a straightforward crypto outlook: holding Bitcoin and Ethereum would capture roughly 97% of the market's volatility, based on his expectation that Ethereum would eventually emerge as the industry's standard blockchain. That thesis has not played out as he anticipated.
“People aren't happy,†he said. “Who's next? What other chain is going to get adopted?†O'Leary now sees a more fragmented future, where entire industries could gravitate toward different blockchains based on their specific needs. In that scenario, one network could power sports memorabilia while another becomes the preferred infrastructure for stock exchanges.
O'Leary has also cooled on Ethereum's prospects as the blockchain that could dominate the industry. “I don't think it's going to be Ethereum anymore,†he said, questioning whether the network can meet future demands. “I don't think it's fast enough. I don't think it's secure enough. That's an opinion, my own opinion.â€
The veteran investor's argument centers on a high-stakes race for tokenization. He believes the blockchain chosen by the first major stock exchange to tokenize assets could see its native token's value “go through the roof,†as the network becomes the underlying infrastructure for future trading activity. In that scenario, the blockchain that wins the adoption battle could capture a significant advantage over its rivals.
