The Daily: Jefferies strategist drops 10% bitcoin allocation over quantum fears, Google Play bans overseas crypto exchanges in South Korea, and more
Jefferies' strategist cut Bitcoin due to quantum risks, Google Play banned foreign crypto exchanges in South Korea, and Goldman Sachs is exploring tokenization.Summary
Jefferies' global head of equity strategy, Christopher Wood, removed his 10% Bitcoin allocation from his model portfolio, citing existential quantum computing risks and reallocating the funds to gold and gold-mining equities. This move reverses his earlier support for Bitcoin as a digital gold alternative. In regulatory news, Google Play is set to ban unregistered overseas crypto exchanges from its South Korean store starting January 28th, favoring locally registered platforms. Meanwhile, Goldman Sachs CEO David Solomon confirmed the firm is actively exploring tokenization, stablecoins, and prediction markets, contingent on regulatory clarity. Other news includes Chainalysis reporting Iran's crypto ecosystem is nearing $8 billion with increased Bitcoin withdrawals during protests, and House Democrats questioning the SEC over paused enforcement actions, including the Justin Sun case, citing potential 'pay-to-play' concerns.
(Source：The Block)