Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure. By Shaurya Malwa Jan 24, 2026, 5:19 a.m. Make us preferred on Google What to know : Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior. On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level. Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves. Bitcoin’s recent price weakness has revived the quantum-computing debate, with one high-profile investor arguing it’s already shaping market behavior — and on-chain analysts saying the real driver is more old-fashioned selling pressure. Gold and silver kept ripping on Thursday, with gold up 1.7% to a record $4,930 an ounce and silver jumping 3.7% to $96, while bitcoin slipped back to just above $89,000, roughly 30% below its early-October peak. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Since just after Trump’s November 2024 election win, bitcoin is down 2.6%, versus gains of 205% for silver, 83% for gold, 24% for the Nasdaq and 17.6% for the S&P 500. Castle Island Ventures partner Nic Carter kicked off the latest round of chatter, saying Bitcoin’s “mysterious” underperformance is “due to quantum,” and calling it “the only story that matters this year.” Bitcoin’s “mysterious” underperformance (due to quantum) is the only story that matters this year. The market is speaking the devs aren’t listening https://t.co/C30BO5Tj4A — nic carter (@nic_carter) January 21, 2026 Others weren’t convinced. @_Checkmatey_, an onchain analyst at Checkonchain, argued that pinning sideways price action on quantum fears is like blaming “market manipulation for red candles” or exchange balances for rallies. In his view, the market has been moving on supply and positioning, not sci-fi risk. "Gold has a bid because sovereigns are buying it in place of treasuries," he said. "The trend has been in place since 2008, and accelerates after Feb-22. Bitcoin saw sell-side from HODLers in 2025 which would have killed every prior bull thrice over, and then once more." Prominent bitcoin investor and author Vijay Boyapati mirrored the thoughts: "The real explanation is really just the unlocking of an enormous supply once we hit a magic number for a lot of whales (100k)." While I agree QC is a legitimate concern, and I appreciate your work on this (and do not question your motives as others have done) I think the price stalling invites narratives to fill the explanatory void when, imo, the real explanation is really just the unlocking of an… — Vijay Boyapati (@real_vijay) January 21, 2026 Quantum computing has long been discussed as a theoretical risk to bitcoin’s cryptographic foundations. Advanced machines running algorithms such as Shor’s could, in principle, break the elliptic curve cryptography used to secure wallets. However, most developers argue such machines remain decades away from practical deployment. That view remains dominant among bitcoin’s technical community. Blockstream co-founder Adam Back has described the threat as extremely remote, saying even worst-case scenarios would not lead to immediate or network-wide loss of funds. Bitcoin Improvement Proposal 360, which would introduce quantum-resistant address formats, already outlines a gradual migration path should the need arise. Still, the topic has gained renewed attention after some traditional finance figures raised concerns. Earlier this month, Jefferies strategist Christopher Wood removed bitcoin from a model portfolio , citing quantum computing as a long-term risk factor. As CoinDesk previously reported , the real challenge is not whether bitcoin can adapt to a quantum future, but how long such an upgrade would take if it ever becomes necessary. That timeline is measured in years, not market cycles, making it an unlikely explanation for short-term price behavior. More For You KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market By CoinDesk Research Dec 22, 2025 Commissioned by KuCoin KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market. What to know : KuCoin recorded over $1.25 trillion in total trading volume in 2025 , equivalent to an average of roughly $114 billion per month , marking its strongest year on record. This performance translated into an all-time high share of centralised exchange volume , as KuCoin’s activity expanded faster than aggregate CEX volumes , which slowed during periods of lower market volatility. Spot and derivatives volumes were evenly split , each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line. Altcoins accounted for the majority of trading activity , reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover. Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity , indicating structurally higher user engagement rather than short-lived volume spikes. View Full Report More For You Kevin O'Leary says power is now more valuable than bitcoin By AI Boost | Edited by Jennifer Sanasie 8 hours ago "Shark Tank" investor Kevin O'Leary is pivoting his crypto strategy from tokens to energy infrastructure, declaring that power generation is now the real prize. What to know : The big pivot: O'Leary has moved capital away from smaller tokens to focus on physical infrastructure like land, power, and copper. He believes power is now "more valuable than bitcoin" and has secured significant land deals with stranded natural gas in Alberta and the U.S. His thesis is driven by the massive energy needs of bitcoin mining and AI, noting that entities controlling power can serve either market. He advises investors to look at copper and gold, noting copper prices have nearly quadrupled for his projects in the last 18 months. He views Robinhood and Coinbase as "no-brainer" infrastructure investments, having reallocated capital from altcoins into these platforms. He describes Robinhood as the premier bridge for managing equity and crypto in one portfolio, while labeling Coinbase the "de facto standard" for businesses to manage stablecoin transactions and vendor payments once regulatory acts pass. 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