Willy Woo: Market Front Running Quantum Threat of 4M Coins of Selling Pressure, BTC Price Action to Remain Depressed
BlockBeats News, February 16th, prominent analyst Willy Woo stated that Bitcoin's 12-year valuation trend compared to gold has recently been broken. BTC's relative valuation should have been higher, but in reality, it has not been achieved, mainly due to a risk awakening to quantum computing, causing the market to start pricing in potential issues in advance.
Bitcoin is likely to be patched in the future through quantum-resistant signatures, but this will not address the issue of around 4 million "lost" BTC (early lost private keys that could be cracked by a quantum computer) re-entering circulation. Willy Woo estimates a 75% probability that these lost bitcoins will not be frozen through a protocol hard fork, so the market needs to anticipate the 4 million coins' sell pressure.
Since MicroStrategy began accumulating BTC in 2020, the total accumulation of corporate and ETFs is only 2.8 million BTC. These 4 million lost tokens represent 8 years of corporate accumulation and will result in significant supply dilution. Before "Q-Day" (Quantum Computing Threat Implementation Day, expected 5-15 years from now), the price of BTC will continue to be affected by this cloud hanging over.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Half a million miners stand between Bolivia and a critical minerals rush
US factory orders rose by 0.1% month-on-month in August; AI infrastructure supports manufacturing, but decline in aircraft orders offset part of the increase
The U.S. Census Bureau reported on Friday that factory orders in August increased by 0.1% month-on-month, in line with market expectations, and rose by 6.8% year-on-year. The July month-on-month increase was revised down from 0.9% to 0.8%. Orders for machinery and electrical equipment grew by 1.1% month-on-month, while orders for civilian aircraft and parts saw a significant decline of 4.3% month-on-month. Excluding aircraft, non-defense capital goods orders increased by 1.6% month-on-month.
ONDO falls below $0.5
Crypto prices
More
