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This strategist and longstanding bitcoin bull exits his position and switches allegiance to gold

Jules Rimmer
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1 min read
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A veteran strategist and longtime bitcoin advocate has abandoned his position, citing quantum computing as an existential threat to the cryptocurrency’s security framework. Chris Wood, who previously allocated 10% of his model portfolio to bitcoin since 2020, is now exiting entirely due to fears quantum advances could break its cryptographic foundations. The accelerated timeline for practical quantum computing has prompted this shift, as its ability to crack encryption undermines bitcoin’s core value proposition as a secure store of wealth. Wood is redirecting investments to gold, reverting to traditional assets perceived as more resilient against quantum-related disruptions in digital security. This move signals growing institutional concern over quantum’s potential to destabilize blockchain-based systems, marking a pivotal shift in long-term asset allocation strategies.
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This strategist and longstanding bitcoin bull exits his position and switches allegiance to goldListen(3 min)Listen(3 min)Quantum computing is going to be with us sooner than we thought, and its potential for cracking the code underlying the whole concept of bitcoin BTCUSD poses an existential threat, according to the concerns of one strategist. That means the cryptocurrency’s claim to be a secure and reliable store of value could be in jeopardy. This strategist, Chris Wood — a bullish advocate for bitcoin since 2020 — is sufficiently worried that he is eliminating his whole 10% recommended weighting in bitcoin from his recommended portfolio and reverting his allegiance back to gold GC00.About the AuthorJules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker in financial markets, starting at Salomon Brothers in the Liar's Poker era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.Copyright © 2026 MarketWatch, Inc. All rights reserved.

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