Jefferies strategist: Bitcoin removed from portfolio due to concerns about the risks of quantum computing

According to Mars Finance, Jefferies strategist Christopher Wood stated in his latest "Greed & Fear" market newsletter that he has completely removed Bitcoin from his flagship portfolio due to growing concerns that advances in quantum computing could jeopardize the long-term security of cryptocurrencies. His initial 10% Bitcoin allocation, added at the end of 2020, has been replaced by a portfolio of physical gold and gold mining stocks. Wood added that breakthroughs in quantum computing will weaken Bitcoin's role as a reliable store of value for pension investors. If the timeline for quantum technology is shortened, some capital allocators will now question Bitcoin's value-store properties. Furthermore, cryptographic mechanisms may emerge sooner than expected, allowing attackers to derive private keys from exposed public keys, thereby undermining the cryptography that underpins Bitcoin balances and mining rewards, and challenging its role as "digital gold" for pension portfolios.