Why is Jefferies’ Wood afraid of quantum computers?

[mcdouglasx]

I suppose a shrewd businessman will invest his money in various investments to minimize future risks. I suppose that's why he does it. Bringing up quantum computing as a threat to Bitcoin in all of this is simply a sensationalist justification for his investment patterns.

We know that technology advances rapidly, but I believe that quantum computers will have a more focused use in other things that would generate more money and merit, because breaking cryptography would only cause the price to plummet and, at the end of the day, would be a completely unproductive approach.

[X-ray]

Creating an artificial gold that will have the same chemical composition as the natural gold is very possible, the only reason artificial gold is not created is because it is significantly more expensive than mining natural gold.

That is the case for now but these companies are having a big funding and keep doing research. The same way solid state battery is expensive on its first iteration. The more money being put into research, the biggest chance for the company to encounter most efficient way to produce things.

Just need some future breakthroughs to make it happen. But, it will take sometime before it happens, the same way quantum computer isn't practical because the error rate that is vastly higher than classical computers but it's slowly getting there.

[Reatim]

Since December 2020 that Jefferies added bitcoin to his pension portfolio, he made profit of 325%. But now he is afraid of quantum computers threat to bitcoin existence and he wants to move the 10% bitcoin pension portfolio to gold with 5% invested in gold and the rest 5% to gold-mining stocks.

He actually has a valid point. There have been rumors that quantum computing could eventually disrupt Bitcoin, so it’s understandable that he wants to minimize risk.

Even without that concern, I still wouldn’t go all in on Bitcoin. It’s a risky investment no matter how you look at it. Putting around 5% into gold just makes sense, especially since gold has been skyrocketing recently, as we can clearly see on the charts.

https://goldprice.org/

i would understand him better if he still left some to bitcoin and not completely drained his bitcoin holdings to place everything in gold or gold mining stocks. after all, diversification is smart. maybe he isn't as concerned with profit making anymore considering how much he has gained from bitcoin from the past years.

[Rustam Meraj]

Christopher Wood of Jefferies got attention when he moved his well known Greed and Fear retirement collection out of Bitcoin and into gold since he was worried that start of quantum computers would finally break code that makes Bitcoin safe.

Although Bitcoin has increased by amazing 325 percent over past two years, Wood feels its foundation is less safe now as long-term retirement plan since future super computers will be able to steal coins of addresses already shown through public key on ledger. So, moving to gold and gold mining stocks is safety way to keep huge profits, as he picks 5,000 years proven asset instead of digital one that is still having its first big tech challenge. But gold can not give that return which Bitcoin can give.

[ABCbits]

Since he switched from Bitcoin to gold, i wonder if he will fear gold price will crash in the future, assuming technology will be mature enough to bring asteroid (that contain gold and other valuable metal) back to earth.

Asteroid coming to earth is not something easy at all, it is what that caused the extinction of the dinosaurs if the event that buried the asteroid under the Yucatán Peninsula in Mexico is true. Another asteroid coming to earth will lead to huge lose of lives and destabilize the earth.
--snip--

You're right, but i'm talking about using technology to bring asteroid (or only mined rare metal) to earth in safe way. Some government agency and company (such as AstroForge) pour money and resource to achive that, but i'm not smart know to know how mature is it.

We know that technology advances rapidly, but I believe that quantum computers will have a more focused use in other things that would generate more money and merit, because breaking cryptography would only cause the price to plummet and, at the end of the day, would be a completely unproductive approach.

That's assuming owner of the quantum computer actually care about making profit, without bringing harm people. But certain group wouldn't care about that. For example, authoritarian government may try to crash Bitcoin price so their citizen would choose bank that they control and monitor closely.