Bitcoin community denies quantum computing as the cause of price decline
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Bitcoin community denies quantum computing as the cause of price decline
According to Cointelegraph, members of the Bitcoin community have questioned claims that concerns over quantum computing threats are causing Bitcoin’s poor price performance. Glassnode’s lead analyst James Check noted that linking Bitcoin’s price to quantum-computing fears is akin to blaming market manipulation for price declines. He believes the recent price weakness is primarily driven by large-scale selling by long-term holders. Nonetheless, some executives at traditional financial institutions have expressed concern about advances in quantum computing. Last week, Jefferies strategist Christopher Wood removed Bitcoin from its “Greed & Fear” portfolio, citing potential threats to Bitcoin’s long-term security posed by quantum computing. Nic Carter, partner at Castle Island Ventures, also views quantum computing as a primary factor behind Bitcoin’s underperformance this year.
Navigating Web3 tides with focused insightsTechFlow news, January 23 — According to Cointelegraph, members of the Bitcoin community have expressed skepticism regarding claims that Bitcoin's poor price performance is due to fears over quantum computing threats. Glassnode's chief analyst, James Check, pointed out that linking Bitcoin’s price movements to quantum computing fears is similar to blaming market downturns on manipulation. He believes the price weakness is primarily driven by substantial selling from long-term holders.
Nevertheless, some traditional financial institution executives have voiced concerns about advances in quantum computing. Jefferies strategist Christopher Wood recently removed Bitcoin from his "Greed and Fear" investment portfolio, citing the potential risk quantum computing poses to Bitcoin's long-term security. Nic Carter, partner at Castle Island Ventures, also believes quantum computing is indeed a major factor behind Bitcoin’s underperformance this year.
