Prominent Investor: "Bitcoin (BTC) Has the Potential to Reach $1 Million"

▲ Bitcoin (BTC)/ChatGPT Generated Image

A projection suggests that Bitcoin (BTC) could reach $1 million in the long term if it addresses the quantum computing risks that threaten cryptographic technology. The diagnosis is that the only technical hurdle preventing a full influx of funds from institutional investors is the potential for quantum computers to neutralize cryptographic systems.

According to BeInCrypto on September 19 (local time), Kevin O'Leary, a prominent Canadian investor who appeared on the US TV show Shark Tank, assessed at a virtual asset conference that Bitcoin has the potential to reach $1 million. O'Leary pointed out that "there is a so-called 'Q-Day' concern that quantum computing could disrupt the digital signature systems that form the basis of Bitcoin wallets and network security." He explained that while powerful quantum computers do not yet exist, large funds are pre-reflecting long-term risks in prices and limiting the proportion of Bitcoin in their portfolios.

The limitations of institutional portfolio management are also directly linked to quantum technology risks. O'Leary analyzed that until the risk factors are completely resolved, large institutions will limit Bitcoin to the level of a gold substitute, around 3%, rather than incorporating it en masse as a core asset. He further analyzed that only when the industry presents a reliable solution to defend cryptographic algorithms will conservative pension funds and institutional capital flow in earnest, allowing Bitcoin to reach the $1 million mark.

O'Leary also completely revised his outlook on the public blockchain ecosystem. He noted that he previously believed holding only Bitcoin and Ethereum (ETH) would absorb all market gains, but market consolidation did not occur. He withdrew his expectation that Ethereum would be the sole winner in terms of speed and security. He assessed that in the future, multiple blockchains are likely to be independently adopted for specific industrial uses, such as sports collectibles or stock tokenization.

In AI and energy infrastructure investments, O'Leary emphasized focusing on the power supply chain rather than the models themselves. He stated that as data center expansion relies on a stable power grid, he is increasing the proportion of small modular reactor (SMR) development and uranium assets used as fuel in his portfolio. He observed that, boosted by the Securities and Exchange Commission's (SEC) innovation exemption measures, the stock tokenization market will connect with existing traditional industries to form an independent economic axis.

Regulatory bills, such as the US cryptocurrency market structure bill, are unlikely to see progress before the November midterm elections and are highly likely to be re-pursued in a bipartisan manner after the elections. Market attention is focused on whether Bitcoin can become a core asset worth $1 million, beyond a mere store of value, as the proven quantum security and on-chain tokenization of traditional financial assets combine.

[Article Key Summary]

-Kevin O'Leary analyzed that Bitcoin (BTC) could reach $1 million if it overcomes the cryptographic threat of quantum computing.

-Due to the risk of quantum computers, large institutions are limiting Bitcoin investment to around 3%, treating it as an alternative asset.

-He withdrew his expectation of Ethereum (ETH) as a single monopoly and suggested tokenization infrastructure, AI power grids, and uranium asset investments as alternatives.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*