Jefferies Strategist Highlights Bitcoin's Institutional Role and Quantum Computing Risks

Jefferies strategist Chris Wood highlights Bitcoin's role as a hedge against institutional distrust and monetary policy risks, likening it to assets like gold. However, he warns of an existential threat from advancing quantum computing, which could compromise Bitcoin's cryptographic security by enabling private key derivation from public keys. Due to this risk, Wood has removed Bitcoin from his investment portfolio, favoring gold and gold-mining stocks instead, while noting ongoing debates on how to address quantum vulnerabilities in digital assets.