Bitcoin Drops 7.5% Amid Quantum Vulnerability Concerns, Gold Rises 3%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
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Source: CNBC
- Quantum Risk Impact: Bitcoin's price has fallen to $90,280, down 7.5% over the past five days, while gold has risen over 3%, indicating a loss of investor confidence in Bitcoin's status as 'digital gold' safe haven.
- Portfolio Adjustments: Jefferies strategist Christopher Wood eliminated the 10% allocation to Bitcoin in his Fear & Greed portfolio, rotating into gold and gold-mining equities, reflecting how concerns over quantum vulnerabilities are influencing investment decisions.
- Advancements in Quantum Computing: The recent development of a room-temperature quantum communication device at Stanford poses a significant threat, as experts suggest quantum computers could soon compromise Bitcoin security, potentially putting around 430 million bitcoins at risk.
- Shifts in Market Sentiment: Pave Finance co-founder Peter Corey noted that the emerging concept of quantum vulnerability is troubling Bitcoin investors; however, the dissemination of public information can sometimes signal market lows, offering a glimmer of hope for investors.
Analyst Views on BTC
Wall Street analysts forecast BTC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BTC is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
