Crypto: Jefferies’ ‘greed & Fear’ Strategist Cuts Bitcoin Allocation To...
Jefferies’ Greed & Fear strategist Christopher Wood has slashed a 10% Bitcoin allocation from his portfolio and moved into gold, citing the quantum risk to BTC, Bloomberg reports.
Investment bank Jefferies’ longtime “Greed & Fear” strategist Christopher Wood has reportedly eliminated Bitcoin from his flagship model portfolio, citing mounting concerns that advances in quantum computing may undermine the cryptocurrency’s long-term security.
According to a report by Bloomberg, Wood said in the latest edition of his Greed & Fear newsletter, that the 10% Bitcoin (BTC) allocation he first added in late 2020 has been replaced by a split position in physical gold and gold mining stocks.
He argued that quantum breakthroughs would weaken Bitcoin’s claim to be a dependable store of value for pension‑style investors.
Wood added that concern over quantum risk is rising among long-term, institutional investors, warning that some capital allocators now question Bitcoin’s store of value case if quantum timelines compress.
He said he feared that “cryptographically relevant” machines arriving sooner than expected could let attackers derive private keys from exposed public keys, weakening the cryptography underpinning Bitcoin balances and mining rewards and, in the extreme, challenging its role as “digital gold” for pension‑style portfolios.
The quantum issue has been discussed for years among developers and commentators, but Wood’s move shows how it’s now influencing mainstream asset allocation decisions at major brokerage and research houses.
Related: Ethereum must pass ‘walkaway test’ to endure for 100 years: Buterin
Castle Island Ventures partner and Bitcoin advocate Nic Carter has discussed the quantum issue at length, warning in December that “capital is concerned and looking for a solution” on quantum risk, even though many developers, including Blockstream CEO Adam Back, remain skeptical that it is a near‑term problem.
Macro analyst Luke Gromen has also turned cautious on Bitcoin in recent months, citing macro and technological uncertainties, including quantum computing risk, as reasons to favor increasing gold exposure versus BTC on a multi‑cycle view.
Source: CoinTelegraph
