Advanced quantum computers could eventually threaten the digital security provided by classical cryptographyโand Grayscale supports accelerated efforts toward quantum readiness for all major blockchains.
But this issue has probably not been the primary driver behind the drawdown in Bitcoinโs price. In fact, the share prices of public companies focused on quantum computing have moved in lockstep with Bitcoin over the last few months (see chart). If new technological breakthroughs in quantum computing were weighing on Bitcoin, one might expect to see the share prices of companies in that industry rising as a result. Instead, we have seen the opposite.
In our view, the pullback in both Bitcoin and quantum computing stocks since October reflects a broad de-risking of growth-oriented portfolios, largely triggered by concerns over AI disruption. While Bitcoin's price has lately been more positively correlated with investor appetite for frontier tech assets such as quantum--and we expect that to continue to be true when prices rebound--we don't perceive it as a change in Bitcoin's function as a store of value in a diversified portfolio. And we don't think investors seeking exposure have to wait for a full post-quantum upgrade to the blockchain.
Key Takeaway: The risk to cryptography from quantum computers is probably not the main factor weighing on Bitcoinโs price, and valuations can recover before a full post-quantum upgrade, in our view.
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