Bitcoin Gets the Boot: Quantum Computing Takes Center Stage!
Bitcoin Gets the Boot: Quantum Computing Takes Center Stage!
So, guess what happened recently? Christopher Wood, the head honcho of equity strategy at Jefferies, decided to ditch Bitcoin from his portfolio. Yes, folks, he’s waving goodbye to the world’s largest cryptocurrency, citing a rather ominous threat from quantum computing!
In his latest edition of the “Greed & Fear” newsletter (which sounds like the title of a rom-com), Wood expressed his absolute disdain for that digital currency, pulling out a solid 10% allocation that he once revered. Why? Apparently, he’s worried that the rise of quantum computers could spell doom for Bitcoin’s reputation as a trustworthy store of value in the long run. And let’s be honest, nobody wants their funds to be a victim of bad sci-fi!
Wood’s concerns are rooted in some wild theories floating around. Some smart folks speculate that these supercomputers could crack Bitcoin’s cryptographic code like a kid opening a piñata at a birthday party, potentially messing with the core integrity of blockchain transactions. YIKES!
Now, here’s the kicker: Wood wasn’t always a hater of BTC. Nope! He was an early supporter, hopping onto the Bitcoin bandwagon back in December 2020 as everyone was panicking over COVID-19. By 2021, he even cranked up his Bitcoin stakes to a prancing 10%! But now? Skepticism is the name of the game, as he worries that quantum computing could shake Bitcoin’s status as “digital gold.” Talk about a plot twist!
So, what’s the master plan now? Wood is playing it safe and reallocating his funds to some old-school assets — think shiny physical gold and stocks of gold mining companies. He’s making it rain in the classical investments department instead of the risky crypto jungle.
And guess what? He isn’t the only one wearing the tinfoil hat. Charles Edwards, the genius behind Capriole Investments, also recently took to X (formerly known as Twitter) to express his concerns about our shiny cryptocurrency friend decoupling from global liquidity because of this quantum threat. Sounds like they’ve been sharing their worries over a cup of coffee!
Edwards wrote, “The timeframe to a non-zero probability of a quantum machine breaking Bitcoin’s cryptography is now less than the estimated time it will take to upgrade Bitcoin… Money is repositioning to account for this risk accordingly.” Someone’s been reading the tea leaves!
As for the price of Bitcoin as we squeak this out, it’s sitting around $95,370, which is down a measly 0.3% in the past 24 hours. The rollercoaster continues!