Kevin O'Leary Reveals He's Still Long Bitcoin Despite The 'Brutal Correction,' But Warns About 'Something Bigger' Happening Underneath

Renowned investor Kevin O'Leary said Monday that fears over quantum computing would deter institutional investors from increasing exposure to Bitcoin (CRYPTO: BTC).

Will Quantum Computing Slow Down Institutional Investment?

O'Leary took to X, adding a clip from his recent interview with Fox Business, where he revealed he’s still long on Bitcoin but that quantum computing risks have started to rattle some investors.

“The idea that a quantum computer could eventually break the chain is making institutions hesitate, and until that gets resolved, don't expect them to go beyond a 3% allocation,” the “Shark Tank” star said.

Notably, BlackRock, the world’s largest asset management company, recommends a Bitcoin allocation of 1% to 2% in multi-asset portfolios.

Are Quantum Concerns Justified?

O’Leary’s remarks echoed broader industry concerns about the emergence of a quantum computer, capable of cracking Bitcoin’s public keys to expose private keys

Ethereum (CRYPTO: ETH) creator Vitalik Buterin called for the swift deployment of quantum-resistant technology for the network, stressing its importance for long-term cryptographic safety.

Cryptocurrency analyst Willy Woo said that convincing nations and fiduciary organizations to invest in an asset like Bitcoin is already difficult, and quantum uncertainty makes it worse.

Notably, Coinbase Global Inc. (NASDAQ:COIN), the largest cryptocurrency-native company on Wall Street, announced the formation of an advisory board last month to assess the implications of quantum computing and prepare for "threats," even those many years away.

O'Leary, also known as "Mr. Wonderful,"  predicted that the cryptocurrency market structure legislation would be passed before the midterm elections. Earlier in January, he pegged May 15 as the passage date.

Price Action: At the time of writing, BTC was exchanging hands at $68,166.08, down 0.27% over the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Kathy Hutchins on Shutterstock.com

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.