Bitcoin’s Price Has Peaked, Crypto Faces Existential Threat: Jefferies
A longtime crypto bull is ditching bitcoin for gold.
Christopher Wood, the global head of equity strategy at Jefferies, said he just cut bitcoin out of his firm’s long-term model portfolio, where the token has accounted for around 5%-10% of the portfolio’s allocation for the last five years.
That’s because the price of the crypto has likely peaked, but also because there’s an existential threat he sees jeopardizing the bitcoin ecosystem: quantum computing.
In a recent note to clients, Wood pointed specifically to CRQCs, or cryptographically relevant quantum computers — supercomputers that could potentially “steal” bitcoin from circulation, he said.
Bitcoin transactions are secured with cryptography, a coding…
