Jefferies’ Global Head of Equity Strategy Christopher Wood has liquidated his long-held Bitcoin position, citing existential risks posed by future quantum computing advancements.
In his latest “GREED & fear” report, the veteran strategist announced the removal of a 10% Bitcoin allocation from his model US-dollar-based pension portfolio. The capital has been reallocated equally into physical gold and gold-mining stocks.
Wood, who first allocated 5% to Bitcoin in December 2020, emphasized that while he does not foresee an immediate price collapse, the long-term “store of value” thesis is threatened by the potential arrival of cryptographically relevant quantum computers (CRQCs).
The report highlights that CRQCs could theoretically derive private keys from public keys within hours, compromising the network’s security. Wood specifically pointed to the vulnerability of “Satoshi-era” coins held in Pay-to-Public-Key (P2PK) addresses and wallets with reused addresses.
Despite the exit, Wood acknowledged Bitcoin’s massive outperformance during his holding period. Since his initial entry, Bitcoin surged approximately 325%, compared to a 145% gain for gold bullion.
Source:https://www.ccn.com/news/crypto/bitcoin-out-gold-in-jefferies-shocking-treasury-shift-fears/