James Check argues that Bitcoin's price drop is due to long-term holder selling, not quantum computing fears, while Coinbase establishes a quantum advisory board.
James Check, founder and lead analyst at Checkonchain, has dismissed the notion that concerns over quantum computing are driving the recent decline in Bitcoin's price. Instead, he attributes the cryptocurrency's weakness to significant selling activity from long-term holders.
“Yes, we need plans to protect against the threat of quantum computing. But to consider it the main reason for the current price drop is like blaming market manipulation for red candles,” Check noted.
While Check acknowledges that quantum technology may cause some investors to hesitate, he believes it is not responsible for Bitcoin's current sideways trading pattern. He highlighted that in 2025, Bitcoin experienced selling pressure from HODLers that could have derailed any prior bull market.
Check's perspective contrasts sharply with that of Nic Carter from Castle Island Ventures, who argues that Bitcoin's unexpected underperformance relative to stocks and precious metals can be attributed to quantum computing concerns. Carter has previously criticized the Bitcoin community for neglecting this potential threat.
“The market is speaking, and developers aren’t listening,” Carter remarked.
Some investors, like Christopher Wood, have already begun divesting from Bitcoin due to fears that advancements in supercomputing could undermine the cryptocurrency's security. However, other experts, including cryptopunk Adam Back, believe that viable systems to break Bitcoin's cryptography are decades away.
Coinbase's New Quantum Advisory Board
In a related development, Coinbase has established an independent advisory board to evaluate the risks posed by quantum computing to blockchain technology. This board will consist of specialists in cryptography, distributed systems, and cybersecurity.
The initiative aims to produce open reports on the state of supercomputers and their implications for the industry, offering recommendations for developers and users. The first report is anticipated in early 2027, and Coinbase has assured that the board will function autonomously from the company's management.
Earlier this year, BTQ Technologies also introduced a Bitcoin testnet designed to withstand quantum threats, signaling a growing awareness of this issue within the cryptocurrency community.
