Quantum computing has become the latest all-purpose explanation for Bitcoin’s recent drawdown, but NYDIG says the numbers don’t back the narrative. In a Feb. 17 research note, NYDIG research head Greg Cipolaro argues that “quantum fears” are loud, but not a primary driver of the sell-off when you look at search behavior, cross-asset correlations, and broader risk positioning.
Quantum Panic Didn’t Sink Bitcoin
NYDIG frames “Cryptographically Relevant Quantum Computers” as the theoretical endgame risk investors keep circling. The problem is that market behavior doesn’t look like a repricing of an imminent existential threat.
First, Cipolaro points to Google Trends. Search interest for “quantum computing bitcoin” did rise, he wrote, but the timing matters. “Search interest for ‘quantum computing bitcoin’ has risen, but notably this occurred alongside bitcoin’s rally to new all-time highs, not ahead of sustained weakness,” the note said.
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