One minute in the morning: Kevin O'Leary calls for bitcoin to hit $1 million, but with a different premise

FOMO HOUR is a daily newsletter written by Tyler Warner, whose analysis and opinions represent his personal views only. It does not necessarily align with Decrypt. You can also follow their daily news program "FOMO HOOR" to learn about the most important industry dynamics and market trends.

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Today's highlights: The world is changing, and so are we. . . .

Mainstream cryptocurrency Bitcoin 5%-7%; bitcoin reported $85,700; HYPE reported $94

Cantonese block leader, 25 of the 100 pre-market coins have gained 10% or more; SEI and SUI lead

Kevin O'Leary says bitcoin could reach $1 million if quantum computing risks are addressed

Hyperliquid topped the list for on-chain deal week revenue, followed by Pump, Stonk and Pons.

Stonk's market value has risen to $310 million, breaking the all-time high

Kevin O'Leary: Bitcoin could reach $1 million by solving quantum problems

When Kevin O'Leary appeared at Avalanche Summit, he had a $11 million Grand Valley Shift-Plane baseball card with a 110 carat diamond embedded in a Tiffany cartridge around his neck. He used this to talk about asset tokenization and then went on to explain why bitcoin could earn $1 million but only if the industry solved an issue that hasn't really come up yet.

The problem is "Q-Day", the point in time at which quantum computers can forge to protect all bitcoin wallet signatures. Such a machine does not currently exist, and estimates of when it will appear range from early 2030s to "never". O'Leary believes that this uncertainty is what allows large institutions to control Bitcoin holdings within about 3%, configuring them as small portions of gold rather than core holdings.

Even more surprising is the change in his stance on Ethereum. Eighteen months ago, he judged that holding Bitcoin and Ethereum would capture 97% of the crypto market's upside because everyone would be standardized on it. Now he says this didn't happen and doesn't think it will happen in the future - literally not fast enough or secure enough - emphasizing that it was just a personal opinion.

The timing of this interview is also quite delicate. Last week, the SEC approved an "innovation exemption" for tokenized stocks while ICE was evaluating Avalanche as a settlement layer in the trading system being developed by NYSE. O'Leary compared the crypto industry to the twelfth sector of S&P 500 index because it serves the other eleven sectors.

As far as O'Leary is concerned, there is a certain logic to it. The shadow of the quantum threat is indeed the main factor suppressing bitcoin and may even limit the upward space for this bull market. As for ethereum and tokenization, Robinhood will probably disagree with him.

Macroeconomics and crypto markets

Mainstream cryptocurrencies P/E 5%-7%; Bitcoin 6%, reported $85,700; Ethereum 6% reported $2,735; SOL 9% reported $119; HYPE 4% reported $94; ZEC 6% reporting $1,521

The leading crypto-currencies include SEI (27 percent), SUI (27 percent), NEAR (12 percent) and VVV (14 percent); 25 of the top 100 cryptocurrencies have gained 10% or more

Crude oil is down 3%, to $97; gold, down 1 percent to $4,380.

U.S. equity futures all-around higher, oil and bond yields falling; Dow index futures up 0.8%, Nasdaq up 1%

Two days after the stumbling block of the CryptoClarity Act, the CFTC submitted a cryptocurrency rulebook to the White House titled "Regulations for Trading in and Oversight of Cryptoasset Markets", releasing signals that would build derivatives frameworks relying on its mandate.

Coinbase has filed an application with the CFTC to launch a single perpetual stock futures, the first batch of about 50 to 60 contracts covering Apple, Microsoft, Tesla and Nvidia. The 45-day review period will last until November 2.

Visa is closing a merchant code vulnerability that allows users to purchase Mincoins and earn credit card points through Crossmint settlements on Robinhood Wallet and Fomo, which will expire next week.

Zecash upgrades NU7 scheduled for 5 November, cutting block time from 75 seconds to 25 seconds, allowing shielded payments to be roughly tripled; at least 60% of transaction fees will go towards supplemental mining rewards starting in 2031

Goldman Sachs and Citizens point out that Coinbase, Robinhood and Circle will be early beneficiaries of the SEC's tokenized stock exemption policy for reasons related to custody, token infrastructure and stablecoin settlement respectively.

Gemini's market capitalization has shrunk to about $753 million, down 80 percent from its IPO, reigniting speculation that the acquired company will acquire its licenses, hosting infrastructure and customer resources.

Corporate Treasuries and ETFs

Bitcoin ETFs received $433 million in net inflows last Friday; Ethereum ETF received $143 million and SOL ETF got $48 million.

Grayscale's Zcash ETF, which will take effect on September 30 in a 3-to-1 positive split, has attracted more than $233 million of funding since its launch on August 25, with assets approaching $890 million.

Watching the Mini-Coin

The Mining sector is dominated by Pu-erh 5%-10%; DOGE 10%, SHIB 7%, PEPE 8%, PENGU 8%, TRUMP 6%, SPX 11%

Robinhood Chain rebounds after falling over the weekend; Pons up 8% to $420 million; AI up 20% to $280 million; Cashcat up 23% to $180 million; Orbio up 70%, ZZZ up 80% and Index up 15%

The Solana chain was led by Stamp (600x), Zebra (110x) and Rawr (180%); Ansem gained 20% to $169 million.

Stonk Ecological Collective went up: Stonk increased 30% to $310 million, ZCAT grew 18% to $120 million, Knots increased 33% to $24 million, Allinu increased by 30% to $20 million and Nearkat increased 88% to $14 million.

The dynamics of the token and void protocols

Robinhood Chain's daily fee revenue plummeted 97 percent between early September and Sept. 16 from about $8 million to $230,000, while trading volume fell only 32 percent over the same period, with DEX trade volumes rising 5 percent to roughly $13 billion

Hyperliquid topped last week's list with $15.1 million in on-chain deal revenue; Pump followed at $118.9 million, Stonkfun was third at $5 million and Pons came in at $3.63 million.

Stonkfun has surpassed $1.1 million in daily revenue for three consecutive days since Friday, and with the current momentum it's expected to break another record today.

Dynamics of the NFTs

NFT headline projects are flat; Punks is flat29.7 ETHThe BAYC dropped 3% to $1.6.5 ETHPudgy is down 1%.3.28 ETH

Identity MD (49%), Mad Lads (36%) and Kaoforms (65%) led the way.

Zksnarks has dropped to the bottom of 0.7 ZEC since going live at 1.5 ZEC in its first weekend.

FWA rebounded 100 percent in the week after v2's release, with a market capitalization of $20 million and its "decadent Punks" generating more demand.1.9 ETHI won a prize sponsored by Punk.)

Summary of the daily news