So here’s a plot twist nobody saw coming: Christopher Wood, one of Wall Street’s biggest Bitcoin cheerleaders for the past five years, just rage-quit crypto. And no, it wasn’t because of another Elon Musk tweet or regulatory drama. This time, it’s because of something that sounds straight out of a sci-fi movie: quantum computers that could basically pick Bitcoin’s digital locks.
Wood, who runs equity strategy at Jefferies, has been keeping 5-10% of his firm’s long-term portfolio in Bitcoin since way back when most suits were still calling it “fake internet money.” But now? He’s swapping his digital coins for actual shiny rocks – gold, to be specific.
Here’s the deal: Bitcoin’s security is like having the world’s most complicated padlock. Today’s computers would need literally trillions of years to crack it. But these new quantum supercomputers (called CRQCs, because finance loves acronyms) could potentially do it in hours or days. It’s like going from trying to guess someone’s password by typing random letters to having a master key.
The scary part? A study from ChainCode Labs suggests these quantum machines could potentially access up to 10 million Bitcoin – that’s half of all the Bitcoin that exists. Imagine waking up one day and finding out someone could theoretically steal half of all the gold in Fort Knox. Yeah, that’s the vibe.
Now, before you panic-sell your crypto portfolio, these quantum computers don’t actually exist yet. But Wood’s thinking long-term here – like pension fund long-term. And when you’re managing money that needs to last decades, even theoretical existential threats start looking pretty real.
The crypto community is already freaking out about this, with some suggesting they should “burn” vulnerable Bitcoin to protect the rest. It’s like suggesting we destroy some money to save the rest of the money. Wild times.
Wood also thinks Bitcoin already hit its peak at $126,000 last year anyway, so this quantum thing is just the cherry on top of his “time to get out” sundae. His new portfolio? 45% physical gold, 25% gold mining stocks, and 30% Asian equities. Basically, he’s gone full “return to tradition” mode.
Meanwhile, gold is having its moment. It had its best year since 1979 in 2025, and it’s sitting pretty near record highs while Bitcoin has been having what we politely call “a rough patch.”
The irony? Bitcoin was supposed to be digital gold – a store of value for the internet age. But now, faced with the ultimate internet-age threat, one of its biggest believers is running back to the original gold. Sometimes the old ways really are the best ways.
Whether quantum computers will actually break Bitcoin remains to be seen. But in a world where geopolitical chaos seems to be the daily special, maybe having some actual, physical, unhackable shiny metal isn’t such a bad idea after all.