Bitcoin developer Matt Corallo pushed back on claims that quantum computing fears are behind bitcoin’s latest drawdown.
He said on Laura Shin’s Unchained podcast that if investors were seriously pricing in near-term quantum risk, Ether would likely be outperforming bitcoin rather than falling alongside it.
Bitcoin is down about 46% from its October all-time high near $126,100 to around $67,000, while Ether is down about 58% since an early-October market crash.
Why Corallo rejects the quantum narrative
Corallo told the podcast:
“I strongly disagree with the characterization that Bitcoin’s current price is materially, because of some kind of quantum risk.”
He added that market participants do not appear to view quantum computing as an immediate threat, and suggested some Bitcoiners are looking for a scapegoat for weak price action.
Ethereum highlights post-quantum work
The comments come as some users criticize Bitcoin developers for not moving fast enough toward quantum resistance.
Corallo argued bitcoin is now “competing for capital” against other technologies in a way it did not previously, pointing to artificial intelligence as a major, capital-intensive investment theme.
Not everyone agrees
Capriole Investments founder Charles Edwards said at Cointelegraph’s LONGITUDE event on Feb. 12 that quantum risk should be discounted into bitcoin’s value until the issue is solved.
BlackRock also updated the registration statement for its iShares Bitcoin ETF to flag quantum computing as a potential risk to the integrity of the Bitcoin network.
