Jefferies Financial Group Just Dumped Bitcoin. Here's Why.
Christopher Wood, global head of equity strategy at Jefferies Financial Group, just cut Bitcoin (CRYPTO: BTC) from his model portfolio. Wood was early to the crypto party, first adding to his portfolio in 2020 and again in 2021. He has now pulled out altogether because of his belief in the possibility that quantum computing could undermine Bitcoin's security.
Image source: Getty Images.
Wood wrote in his recent weekly Greed & Fear investment newsletter that he had replaced his 10% position in Bitcoin with a mixture of gold and gold stocks. For him, the cryptocurrency can't act as a long-term store of value because quantum computing poses an "existential" threat. Worse, he believes it could come sooner than many developers believe.
Source Fool.com
