The primary reason for the weakness of the leading cryptocurrency is large-scale selling by long-term holders, not concerns about quantum computing. This was stated by James Check, founder and lead analyst at _Checkonchain.
This.
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) January 21, 2026
QC keeps some capital away, but this argument that gold is up and Bitcoin is down because of it just isn't it.
Gold has a bid because sovereigns are buying it in place of treasuries. The trend has been in place since 2008, and accelerates after Feb-22.
Bitcoin saw… https://t.co/3KoYBKbf7x
“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 and attributing declining exchange balances to green ones,” he wrote.
According to the expert, the threat posed by the technology may deter some investors, but it is not linked to Bitcoin's ongoing sideways movement.
“In 2025, the asset faced selling from HODLers that would have killed any previous bull market three times over, and then some,” Check emphasized.
His post was a response to comments from Bitcoin author Vijay Boyapati, who is also highly skeptical about the idea that quantum computing affects the coin's price.
Castle Island Ventures partner Nic Carter expressed an opposing view. He believes that Bitcoin's “mysterious” underperformance compared to stocks and precious metals is due to quantum computing.
Bitcoin’s “mysterious” underperformance (due to quantum) is the only story that matters this year. The market is speaking the devs aren’t listening https://t.co/C30BO5Tj4A
— nic carter (@nic_carter) January 21, 2026
“The market is speaking, and developers aren’t listening,” he wrote.
Previously, Carter had accused the Bitcoin community of ignoring the issue. He believes there is a significant gap between capital holders and technical experts.
Some market participants are already shedding digital gold from their portfolios; for instance, Christopher Wood, the author of the popular “Greed & Fear” concept, has cited growing concerns that advancements in supercomputing could jeopardize the long-term security of the coin as the reason for his decision to sell.
However, many consider the problem distant—cryptopunk Adam Back expects that systems capable of breaking Bitcoin's cryptography won't emerge for another 20 to 40 years.
New Initiative from Coinbase
The American cryptocurrency exchange Coinbase has formed an independent advisory board to assess the threats posed by quantum computing to blockchain. The board includes experts in the field, cryptography, distributed systems, and cybersecurity.
The structure will publish open reports on the current state of supercomputers and their implications, issue recommendations for developers and users, and respond promptly to advancements in quantum technology.
The first report is expected to be released in early 2027.
Coinbase emphasized that the board will operate independently from the company's management and is intended to provide research for the entire industry.
Recall that in January, BTQ Technologies launched a Bitcoin testnet resistant to quantum threats.