Prominent Strategist 'Abandons' Bitcoin, Citing 'Fears of Quantum Computing's Imminent Realization'

华尔街日报Published on 2026-01-17Last updated on 2026-01-17

Abstract

Christopher Wood, Global Head of Equity Strategy at Jefferies, has completely removed Bitcoin from his investment portfolio due to concerns that rapid advancements in quantum computing could undermine the cryptocurrency's security. In a column published on January 16, Wood argued that progress in quantum computing threatens Bitcoin’s role as a "reliable store of value," particularly for long-term investors like pension funds. He liquidated the 10% Bitcoin allocation in his portfolio model, reallocating the funds into 5% physical gold and 5% gold mining stocks. Wood explained that his decision was driven by fears that quantum computing could break Bitcoin’s encryption algorithms, potentially within a few years rather than decades. Such technology could reverse-engineer private keys used to authorize transactions, fundamentally damaging Bitcoin’s value proposition as a digital alternative to gold. A former early institutional supporter of Bitcoin, Wood had initially added it to his portfolio in December 2020 amid pandemic-era stimulus measures and concerns over dollar devaluation, later increasing the allocation to 10% in 2021. He now believes that the long-term risks posed by quantum computing are beneficial for gold, which he describes as a historically proven hedge in an increasingly uncertain geopolitical environment.

Christopher Wood, Global Head of Equity Strategy at Jefferies, has completely removed Bitcoin from his investment portfolio, citing concerns that rapid advancements in quantum computing could undermine the cryptocurrency.

On January 16, Christopher Wood stated in an analysis column that progress in the field of quantum computing would weaken Bitcoin's logic as a "reliable store of value," particularly for long-term investors such as pension funds.

He liquidated the entire 10% Bitcoin allocation in his portfolio model, reallocating it to 5% physical gold and 5% gold mining stocks.

He explained that this decision was driven by concerns that the advent of quantum computing could shake the foundation of Bitcoin, with the technology potentially achieving breakthroughs in a few years rather than a decade or more.

Quantum computers could theoretically crack Bitcoin's encryption algorithms, reverse-engineering the private keys used to authorize transactions. Wood stated:

It would destroy the concept of Bitcoin as a store of value, thereby undermining its status as a digital alternative to gold.

Wood was an early institutional supporter of Bitcoin, adding it to his portfolio in December 2020 during the pandemic when countries unleashed massive stimulus measures and concerns about dollar devaluation intensified. He increased the allocation to 10% in 2021.

The Bitcoin community is increasingly concerned that quantum computing might become a reality in just a few years, rather than a decade or more.

Wood believes that the long-term issues raised by quantum computing are "only long-term positive for gold." He described gold as a historically proven hedge in an increasingly uncertain geopolitical environment.

Related Questions

QWho is Christopher Wood and what action did he take regarding Bitcoin?

AChristopher Wood is the Global Head of Equity Strategy at Jefferies. He completely removed the 10% Bitcoin allocation from his investment portfolio, replacing it with 5% physical gold and 5% gold mining stocks.

QWhat was the primary reason Christopher Wood gave for removing Bitcoin from his portfolio?

AHis primary reason was concern that advancements in quantum computing could undermine Bitcoin's cryptographic foundations, potentially within a few years rather than decades.

QHow does quantum computing theoretically threaten Bitcoin?

AQuantum computers could theoretically break Bitcoin's encryption algorithms, allowing them to reverse-engineer the private keys used to authorize transactions.

QWhat did Wood say about the impact of quantum computing on Bitcoin's role as a store of value?

AHe stated that quantum computing 'would destroy the concept of Bitcoin as a store of value, and thus its status as a digital alternative to gold.'

QWhat asset did Wood describe as a historically proven hedge, and in what context?

AWood described gold as a historically proven hedge in an increasingly uncertain geopolitical environment.

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363 Total ViewsPublished 2025.05.13Updated 2025.05.13

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