One of today's unusual catalysts in the crypto narrative did not come from Fed rate, ETF flows or a billion-dollar liquidation cascade, but an earnings call detail that reframed a long-running quantum threat debate as a real portfolio decision.
According to Galaxy Digital CEO Mike Novogratz, a client sold around $9 billion worth of Bitcoin, and quantum-computing concerns were the main driver.
The story gained extra traction after Dom Kwok, an EasyA cofounder known for his contributions to the XRP ecosystem, publicly confirmed the idea that quantum risk to Bitcoin should be treated as credible.
This matters because quantum risk, or "Q-Day," is often dismissed as a cryptography problem that will not affect the market anytime in the next 10 years. However, a sale of this size suggests that at least some seasoned investors are already considering this as a real risk, not just some scary tales.
Quantum threat for Bitcoin: $9 billion may be just the start
Considering all this, the core issue is not whether post-quantum cryptography exists but whether Bitcoin's upgrade path can be completed before the perceived window of vulnerability closes. And Novogratz's case is not only alarming; it may be just the tip of a multibillion iceberg.
As relayed in the thread, Novogratz’s broader point was that the long-term technological solution is likely available while near-term uncertainty lies in governance and social consensus. First of all, among Bitcoin Core developers.
If a post-quantum transition requires widespread wallet migration and coordinated changes, delays could create an asymmetric fear premium, even without a confirmed breakthrough for quantum computing.
For market participants, the takeaway is not that quantum will be "here tomorrow," but that the risk is now investable as a narrative, and this exact narrative of "Q-Day" coming can poison the positioning of the wealthiest of Bitcoin holders.
Gamza Khanzadaev
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin