Analyst Bets on Gold as Bitcoin Falls Over Quantum Fears
Jefferies strategist Christopher Wood drops bitcoin for gold on quantum computing concern
Christopher Wood, Jefferies’ global head of equity strategy, has removed bitcoin from his model portfolio and shifted that allocation into gold and gold-mining stocks.
According to the update, Wood replaced a 10% bitcoin position with gold-related exposure, citing concern that advances in quantum computing could eventually weaken part of bitcoin’s security case.
The change highlights a specific risk framework: while bitcoin is often discussed as a long-term store-of-value alternative, Wood’s move suggests that potential future developments in computing power are being treated as a relevant consideration for how certain investors balance crypto against traditional hard assets.
In practical terms, the adjustment means the model portfolio is no longer expressing that 10% allocation through bitcoin and is instead using gold and gold-mining stocks as the preferred hedge in that slot.
