Jefferies’ Wood drops 10% bitcoin allocation over quantum computing fears

Christopher Wood, global head of equity strategy at Jefferies, removed the entire 10% bitcoin allocation from his "GREED & fear" model portfolio, reinvesting it equally into physical gold bullion and gold-mining stocks. Wood cited the intensifying theoretical risk posed by quantum computing's potential to break Bitcoin's cryptographic security, labeling it an "existential" threat to its long-term store-of-value thesis. While not expecting an immediate price impact, he argued the foundation for long-term holdings is less solid. This decision follows recent industry scrutiny, including a study estimating 20% to 50% of circulating BTC could be vulnerable, and milestones like Microsoft's quantum chip unveiling, prompting other entities like Coinbase and El Salvador to address quantum readiness.

(Source：The Block)