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Is Bitcoin Underperforming Due To Quantum Computing?

Is Bitcoin Underperforming Due To Quantum Computing?

CoinEditionCoinEdition2026/01/23 15:24
By:CoinEdition

Bitcoin’s weak performance to gold and silver revived an old debate on whether advances in quantum computing are starting to weigh on BTC demand. Some market participants argue that fear of future quantum attacks on Bitcoin’s cryptography is forcing capital out.

However, many strongly disagree. They say the quantum narrative is being used to explain price weakness that already has clearer on-chain and macroeconomic causes.

I used to wave away quantum computing (QC) risks to Bitcoin as far-fetched. I don’t anymore.

The usual pushback goes like this: QC isn’t a threat for years, and if it is, then the whole financial system is in trouble anyway. That line of nihilistic thinking may be comforting to…

— Jamie Coutts CMT (@Jamie1Coutts)

Glassnode lead analyst James Check doesn’t believe that quantum computing fears are driving Bitcoin’s underperformance. He said linking BTC price action to quantum risk is similar to blaming market manipulation for every red candle.

This.

QC keeps some capital away, but this argument that gold is up and Bitcoin is down because of it just isn't it.

Gold has a bid because sovereigns are buying it in place of treasuries. The trend has been in place since 2008, and accelerates after Feb-22.

Bitcoin saw…

— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_)

Check argued that while quantum concerns may keep some capital away, Bitcoin’s weakness has been driven primarily by heavy sell-side pressure from long-term holders.

According to him, Bitcoin saw sustained selling from HODLers throughout 2025, a level of distribution that would have ended any prior bull market multiple times over.

Bitcoin author Vijay Boyapati said quantum computing deserves serious discussion and preparation, but remains skeptical that it explains current price action.

Some traditional finance players are acting on quantum risk. Jefferies global equity strategist Christopher Wood removed Bitcoin from his “Greed & Fear” model portfolio earlier this month. The allocation was shifted into physical gold and gold-mining equities.

Wood said that advances in quantum computing are a potential long-term threat to Bitcoin’s cryptographic security. That move has been widely circulated among financial advisers.

Castle Island Ventures partner Nic Carter has been one of the most vocal supporters of the quantum-risk thesis. He said Bitcoin’s underperformance versus gold is not mysterious and is driven by quantum concerns, calling it the most important story for Bitcoin this year. Carter also criticized Bitcoin developers for moving too slowly on quantum protections.

Coinbase announced it is forming an independent advisory board to assess quantum risks and guide future protections for blockchains like Bitcoin and Ethereum.

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The board includes experts in cryptography and quantum computing from leading universities and research groups. Coinbase said the goal is to publish research, issue guidance, and help the ecosystem prepare for a transition to post-quantum cryptography if needed.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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