The 12-Year Trend Between Bitcoin (BTC) and Gold Has Broken! Willy Woo Explains Why and What the Consequences Are!
Popular on-chain analyst Willy Woo recently shared his thoughts on the quantum threat facing Bitcoin (BTC) and cryptocurrencies.
According to Woo, markets have begun pricing in the quantum threat, starting to put downward pressure on the Bitcoin price.
At this point, Woo noted that the 12-year trend between Bitcoin and gold has been broken, saying that Bitcoin should currently be crushing gold, but that’s not the case.
According to Woo, there’s only one reason for this: quantum mechanics.
Woo today shared a post from his X account, accompanied by a chart showing BTC’s performance against gold since 2010. According to this chart, Bitcoin steadily gained value against gold for 12 years, showing a clear upward trend. However, this trend has now been broken.
According to Woo, who noted that the market and Bitcoin are now pricing in the potential of a quantum computer powerful enough to break current public-key cryptography, such a development could allow the recovery and reintroduction of the private keys of an estimated four million permanently lost Bitcoins.
Woo also noted that this amount of 4 million coins is larger than 8 years of institutional accumulation, and added that the probability of Bitcoin performing a hard fork to freeze these coins before the network is rescued is estimated at only 25%.
Woo ultimately predicted that Q-Day, the point at which quantum computers will become a real threat, is still 5 to 15 years away. However, markets are not waiting for this event and are pricing it in beforehand.
*This is not investment advice.
Continue Reading: The 12-Year Trend Between Bitcoin (BTC) and Gold Has Broken! Willy Woo Explains Why and What the Consequences Are!
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