Shark Tank investor Kevin O'Leary says he has re-entered the crypto market, putting fresh capital behind what he calls the next cycle. He also flagged a single development he believes would m
Shark Tank investor Kevin O'Leary says he has re-entered the crypto market, putting fresh capital behind what he calls the next cycle. He also flagged a single development he believes would mark a turning point for the entire industry.
Speaking to The Block at the Avalanche Summit in New York, O'Leary said he is buying new crypto positions for the next cycle and watching for a major stock exchange to adopt a blockchain.
"I'm back in the saddle buying new positions, putting my bets on for this next cycle," said O'Leary. He added that the next phase of investing comes down to identifying which blockchain wins adoption, and in which sector.
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The O'Leary Ventures chairman said he talks regularly with CEOs across industries about which blockchain they're betting on. But so far, none of them are landing on the same one.
He called it a "watershed moment" in the making, arguing that the first major stock exchange to adopt a blockchain would push the wider financial system to fall in line with that exchange's requirements.
O'Leary weighed in on the CLARITY Act's recent Senate setback during the interaction. He told the media outlet that he still expects crypto regulation to resurface since lawmakersare working on tax policy for digital assets.
He also said that taxing an asset usually invites more oversight rather than less, though he does not see the bill passing before the midterms.
“If you're going to provide a tax policy on this asset, you want more regulation, not less,” he said during the event.
On Bitcoin specifically, he said it could eventually claim 1% to 3% of alternative-asset allocation—a share on par with what institutions currently hold in gold.
In a separate interview, O'Leary predicted Bitcoin could reach $1 million, but only if the industry resolves growing unease around quantum computing.
"It will if it can resolve the doubt creeping in around quantum computing. Breaking the algorithms, and the chains and encryptions. They call it Q-Day," he said.
He also said that some investors are already hedging by backing quantum-computing startups as a security play.
“It’s another theme out there as an investor. Some people are putting on a counter bet by investing in some of these nascent companies that are developing quantum computing software. It’s a security play,” O'Leary said.
