Bitcoin Magazine
Jefferies’ Analyst Dumps Bitcoin Over Quantum Computing Fears, Buys Gold
Christopher Wood, global head of equity strategy at Jefferies, has eliminated Bitcoin from his flagship Greed & Fear model portfolio, citing concerns that developments in quantum computing could pose an existential threat to the cryptocurrency’s cryptographic foundations.
In the latest edition of the widely followed newsletter, Wood confirmed that Jefferies has removed its entire 10% Bitcoin allocation, replacing it with a split allocation of 5% to physical gold and 5% to gold-mining equities, according to Bloomberg.
The strategist said the move reflects rising uncertainty over whether Bitcoin can maintain its role as a long-term store of value in the face of accelerating technological change.
“While Greed & Fear does not believe that the quantum issue is about to hit the Bitcoin price dramatically in the near term, the store-of-value concept is clearly on less solid
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