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.
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.
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 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 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 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 and Ethereum.
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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