Bitcoin's recent selloff isn't as a consequence of quantum computing fears, because if that were the case, Ether could be surging, says Bitcoin developer Matt Carallo.
“I completely disagree with the narrative that the present price of Bitcoin is material due to some type of quantum risk,” Carallo told journalist Laura Shin on the Unchained podcast on Thursday.
“If that were true, then Ethereum could be significantly up against Bitcoin,” he added. Ether (ETH) has fallen 58% since a significant crypto market crash in early October and was trading at $1,957 on the time of publication.
Carallo's comments come at a time when several Bitcoiners have argued that fears that quantum computing could impact the blockchain are partly why Bitcoin (BTC) has fallen 46% from its October all-time high of $126,100 to now $67,162, based on CoinMarketCap.
Matt Carallo (right) talks to Laura Shin (left) on the Unchained podcast. Source: YouTube
Ethereum is approaching quantum readiness
Some Bitcoin users have accused the blockchain's developers of not moving fast enough to make the network quantum resilient, while the Ethereum Foundation has said it’s taking steps to be prepared.
In its protocol update on Wednesday, the Ethereum Foundation outlined long-term post-quantum readiness as a part of its broader security initiative.
Carallo said that while quantum computing poses long-term risks to Bitcoin, market makers don’t see it as an urgent short-term threat, arguing that the Bitcoin community is just searching for a scapegoat.
“There are plenty of Bitcoiners who need to shift blame, want guilty someone for his or her poor performance.”
Carallo said a more likely reason for Bitcoin's price decline is that it’s now “competing for capital” in an unprecedented way with other technologies akin to artificial intelligence.
“AI could be very capital intensive,” he said, adding that it’s a “massive latest asset class that competes significantly for capital.”
“There is plenty of interest in the worth creation that AI will bring to traditional stocks,” Carallo said.
Bitcoiners have the other opinion
Not all Bitcoiners agree with Carallo, as Capriole Investments founder Charles Edwards said at Cointelegraph's LONGITUDE event on February 12 that risk ought to be priced into Bitcoin until it becomes quantum resilient.
“Today you have got to start out discounting the worth of Bitcoin based on that risk until it’s resolved,” Edwards said.
Meanwhile, entrepreneur Kevin O'Leary told the Magazine in December that using quantum computers to crack Bitcoin will not be probably the most efficient use of resources and that using the technology offers greater advantages for areas akin to medical research.
In May 2025, the world's largest asset manager BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT) to warn investors concerning the potential risks to the integrity of the Bitcoin network posed by quantum computing.
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