Jefferies' head of strategy removed Bitcoin from portfolio due to risks associated with quantum computing.

PANews reported on January 16th, citing Bloomberg, that Christopher Wood, Global Head of Equity Strategy at Jefferies, stated in the latest Greed & Fear newsletter that he has removed Bitcoin's 10% weighting from his model portfolio due to concerns that quantum computing could undermine Bitcoin's foundation as a store of value. He pointed out that quantum computing could accelerate the cracking of encryption algorithms, threatening the security of Bitcoin's private keys and its mining mechanism. Wood, who has been allocating to Bitcoin since 2020, is now shifting that allocation to 5% physical gold and 5% gold mining stocks.