Jefferies’ Wood Drops Bitcoin on Threat From Quantum Computing

The once-distant threat of quantum computing has prompted one of the most closely followed market strategists to walk away from Bitcoin, underscoring how doubts over the token’s security are creeping into mainstream portfolio thinking.

Christopher Wood, global head of equity strategy at Jefferies, removed a 10% allocation to Bitcoin from his model portfolio, citing fears that the advent of quantum computing could undermine the cryptocurrency. In the latest edition of his “Greed & Fear” newsletter, Wood said advances in the field would weaken the argument that Bitcoin is a dependable store of value, especially for pension-style, long-term investors. ...