Jefferies Strategist Cuts Bitcoin Allocation, Moves Funds to Gold Over Quantum Risk
Jefferies’ strategist Christopher Wood has reduced his Bitcoin exposure by 10 percentage points and redeployed that capital into gold, according to Bloomberg. Wood framed the decision around the long-term risk that large-scale quantum computing could undermine the public-key cryptography that secures Bitcoin, prompting a defensive reallocation to a traditional safe haven.
The shift is notable as a signal of institutional risk management rather than an immediate technical verdict — quantum breakthroughs remain uncertain and the Bitcoin ecosystem has discussed potential mitigations, from quantum-resistant cryptography to improved key hygiene. Still, the trade highlights how existential technology risks can influence portfolio flows and market sentiment, and may spur renewed conversations about protocol-level defenses and investor hedging strategies.