Kevin O'Leary Says Bitcoin Could Hit $1 Million If Quantum‑Computing Concerns Are Addressed

Investor Kevin O'Leary told The Rollup podcast at the Avalanche Summit in New York that Bitcoin (BTC) could eventually trade at seven figures. He said the only barrier is the uncertainty surrounding quantum computing’s ability to break the network’s cryptographic algorithms.

Quantum‑Computing Risk Explained

O'Leary referred to the concept of “Q‑Day,” the point at which a quantum computer could compromise public‑key cryptography. No such machine exists yet, but research suggests the hardware requirements are falling. Google Quantum AI estimated in March that fewer than 500,000 physical qubits might be enough to break Bitcoin’s elliptic‑curve encryption, a significant reduction from earlier estimates in the millions.

Current Exposure

Glassnode data from May indicated that about 6.04 million BTC—roughly 30 % of the total supply—are held in addresses with visible public keys, making them the most vulnerable if quantum key‑breaking becomes practical.

Regulatory Timeline

U.S. standards bodies are planning to phase out vulnerable encryption by 2030 and ban it by 2035. Google has set a post‑quantum migration deadline for 2029, underscoring the urgency of preparing for potential quantum threats.

Impact on Institutional Allocation

O'Leary noted that institutions are unlikely to increase Bitcoin holdings beyond 3 % until the quantum risk is mitigated. Some analysts, such as Jefferies strategist Christopher Wood, have already reduced Bitcoin exposure in model portfolios because of the same concern.

Price Context

At the time of reporting, Bitcoin was trading near $81,177, meaning a move to $1 million would represent a gain of roughly 1,132 %.