Recently, there have been some noteworthy changes in the Bitcoin market. In mid-January, renowned Wall Street analyst Christopher Wood suddenly liquidated his long-held Bitcoin positions and significantly increased his gold allocation to 10%. This move is particularly intriguing—because he was one of the earliest to propose the concept of "Bitcoin as digital gold."

The reason for this shift points to a long-term hidden risk: the elliptic curve cryptography underlying Bitcoin could be cracked by quantum computers. This is not purely a technical panic; there is solid data backing this concern. According to research from the University of Cambridge, approximately 22% of all Bitcoin (about 4.3 million coins worth over $350 billion) are stored at publicly known addresses. Once quantum computers reach sufficient computational power, they could theoretically crack private keys in minutes that would take classical computers trillions of years to solve.

Adding to the urgency, some aggressive predictions suggest that specialized quantum decryption computers could emerge around 2030. The real dilemma facing the Bitcoin ecosystem is that any major upgrade requires community consensus, a process often time-consuming and fraught with difficulties.

Market reactions have been quite direct. After the news broke, Bitcoin's price dropped by 12% within 24 hours. Globally, Bitcoin-related products experienced a net outflow of $2.7 billion, contrasting with over $4 billion flowing into gold ETFs during the same period. This shift in capital flow indicates that market participants are reassessing technological risks and are inclined to return to assets with physical scarcity.

From an investment perspective, this event warrants serious attention. Current strategic approaches mainly focus on two directions: first, re-evaluating asset allocation structures and gradually shifting toward asset classes that do not depend on specific cryptographic algorithms; second, monitoring whether the Bitcoin ecosystem can drive technological upgrades to address this long-term threat. Gold and its tokenized forms (such as physical gold tokens) have become alternative options for some institutional investors. In any case, maintaining a clear awareness of technological risks is more necessary than blind optimism.