Top Wall Street equity strategist exits Bitcoin over quantum computing threat

Christopher Wood, Jefferies’ Global Head of Equity Strategy, has removed Bitcoin from his model portfolio due to concerns that advances in quantum computing pose an existential risk to the cryptocurrency's security and mining system. Wood had previously added Bitcoin to his portfolio in 2020, allocating 10%, but has now exited the position entirely. He reallocated the funds, splitting the 10% between a 5% allocation in physical gold and a 5% allocation in gold-mining stocks. Wood had previously viewed both gold and Bitcoin as hedges against dollar debasement, though he favored gold's historical track record. This decision highlights that quantum risk is now influencing mainstream institutional asset allocation discussions, as scalable quantum advances could structurally compromise Bitcoin's protocol.

(Source：Crypto Briefing)