Matt Corallo says Bitcoin’s latest price slide isn’t being driven by fears of quantum computing, arguing that such concerns would have pushed Ethereum sharply higher instead.
Speaking to journalist Laura Shin on the Unchained podcast on Thursday, Corallo said he “strongly disagrees” with claims that Bitcoin’s current price is meaningfully impacted by quantum risk.
“If that were true, then Ethereum would be up substantially on Bitcoin,” he said.
Ether (ETH) is down 58% since the broader crypto market downturn in early October and was trading around $1,957 at the time of publication.
Corallo’s remarks come as some Bitcoin advocates have suggested that concerns over quantum computing threatening blockchain security may be partly behind Bitcoin’s 46% drop from its October all-time high of $126,100 to roughly $67,162, according to CoinMarketCap.
Ethereum focuses on quantum preparedness
Some Bitcoin users have criticized the network’s developers for not moving quickly enough to implement quantum-resistant protections. Meanwhile, the Ethereum Foundation has said it is actively preparing for a post-quantum future.
In a protocol update released Wednesday, the foundation highlighted long-term quantum readiness as part of a broader security initiative.
Matt Corallo acknowledged that quantum computing presents a long-term risk to Bitcoin but argued that traders and market makers do not see it as an immediate threat. Instead, he suggested some in the community are searching for a scapegoat.
“There are a lot of Bitcoiners who want to blame something, blame someone for lackluster performance,” he said.
Corallo added that a more plausible explanation for Bitcoin’s recent decline is increased competition for investor capital — particularly from fast-growing sectors like artificial intelligence.
“AI is super capital-intensive,” he said, describing it as a “massive new investment class” that is drawing funds away from other assets. He added that investors are increasingly focused on value creation in AI-related traditional equities.
Not all Bitcoiners agree
Others in the Bitcoin space disagree with Corallo’s assessment. Charles Edwards, founder of Capriole Investments, said at Cointelegraph’s LONGITUDE event on Feb. 12 that quantum risk should be reflected in Bitcoin’s price until adequate safeguards are in place.
“Today, you kind of have to start to discount the value of Bitcoin based on that risk until it’s solved,” Edwards said.
Entrepreneur Kevin O’Leary offered a different view in December, suggesting that using quantum computing to attack Bitcoin may not be the most efficient application of the technology. He argued that areas like medical research could present greater upside.
In May, asset management giant BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT) to caution investors about potential risks quantum computing could pose to the integrity of the Bitcoin network.
