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Sep 14 Sep 16 Sep 18 Sep 20 Sep 21 $86.0k $82.5k $79.0k $75.5k 24h High High $86,282 24h Low Low $80,631 Vol Vol $2.4B Market projections Odds by Myriad Today Below $86,000 Below $86k 51 % chance This week Below $86,000 Below $86k 51 % chance This month Below $86,000 Below $86k 51 % chance → Buy Bitcoin with USDT Powered by Jupiter $ 50 $ 100 $ 500 Buy Price data by CoinGecko CoinGecko More Bitcoin news and projections → 💸 Kevin O’Leary Calls for $1 Million Bitcoin, With an Asterisk
Kevin O’Leary showed up at Avalanche Summit wearing an $11 million Shohei Ohtani baseball card around his neck, sealed in a Tiffany holder with 110 carats of diamonds. He used it to make a point about tokenization, then spent the rest of the interview explaining why Bitcoin gets to $1 million , but only if the industry solves a problem that doesn’t quite exist yet.
His condition is Q-Day , the point at which a quantum computer could forge the signatures securing every Bitcoin wallet . No such machine exists, and estimates for when one arrives run from the early 2030s to never. O’Leary says the doubt alone is why large funds cap Bitcoin exposure near 3%, treating it as a sliver of gold rather than a core holding. If Bitcoin devs can resolve the doubt, that cap moves.
The bigger reversal was on Ethereum . Eighteen months ago his thesis was that owning Bitcoin and Ethereum captured 97% of crypto’s upside because everyone would standardize on Ethereum. He now says that didn’t happen and he doesn’t think it will, calling ETH not fast enough and not secure enough, flagging it as his own opinion. He now thinks entire industries pick their own chain, and whichever blockchain the first major exchange adopts for tokenization sees that token go through the roof because it becomes the plumbing every trade runs through.
Of course, this interview was very timely. The SEC approved its Innovation Exemption for tokenized stocks last week, and ICE is evaluating Avalanche as the settlement layer for the NYSE’s in-development trading system. O’Leary frames crypto as becoming the twelfth sector of the S&P because it services the other eleven.
As for O’Leary’s opinions, there is some validity to them. Certainly the quantum overhang is the main thing keeping Bitcoin down and may even cap its upside in this upcoming bull cycle. As for Ethereum and tokenization, well Robinhood would disagree. They chose to build on Ethereum with Robinhood Chain (via Arbitrum) and tokenization is accelerating rapidly across crypto-native blockchains. Some companies may choose to build on their own, sure, but there will be big tokenization winners for our existing chains. And Ethereum is still in pole position…