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CoinShares: Quantum Threat Only Puts 10,000 Bitcoin at Risk
Digital asset manager CoinShares has downplayed fears that quantum computing could destabilize the Bitcoin market, suggesting that only a small portion of Bitcoins are vulnerable to such a threat. According to Christopher Bendiksen, CoinShares' lead researcher on Bitcoin, a mere 10,230 Bitcoin (BTC) out of 1.63 million are stored in wallets with cryptographic keys exposed to quantum attacks. Bendiksen explained that over 7,000 of these Bitcoins are in wallets containing between 100 and 1,000 BTC, while approximately 3,230 Bitcoins reside in wallets with balances ranging from 1,000 to 10,000 BTC. These Bitcoins, valued at $719.1 million at current market rates, could be compromised by quantum computers, but Bendiksen likened such an attack to a typical market trade. The vast majority, totaling 1.62 million Bitcoin, are held in smaller wallets with less than 100 BTC. Bendiksen asserted that even under the most optimistic technological advancements, it would take a thousand years to crack each of these wallets using quantum computing. The concern stems from quantum algorithms like Shor’s, which could potentially break Bitcoin’s elliptic-curve cryptography, and Grover’s, which might weaken the SHA-256 encryption. Nonetheless, Bendiksen emphasized that these algorithms cannot alter Bitcoin’s fixed supply of 21 million coins or its proof-of-work consensus, which are core aspects of the network. Recent concerns about quantum computing have fueled fear, uncertainty, and doubt (FUD) in the Bitcoin community, with critics cautioning that a breach in cryptography could jeopardize the network that supports $1.4 trillion in assets. The Bitcoins in question are linked to unspent transaction output (UTXO) wallets, many of which trace back to the early days of Bitcoin. This situation has sparked debate within the community about whether to adopt a quantum-resistant hard fork or to continue as is. Prominent figures like Michael Saylor, executive chairman of Strategy, and Adam Back, CEO of Blockstream, argue that concerns over quantum computing are exaggerated and pose no immediate threat to Bitcoin. Bendiksen agrees, noting that breaking Bitcoin’s cryptography would require millions of fault-tolerant qubits, a capability far beyond current technology demonstrated by Google’s quantum computer, Willow. While some, including Charles Edwards of Capriole Investments, view quantum computing as a looming danger, advocating for proactive measures to enhance security, others believe that Bitcoin will remain secure for the foreseeable future. Proposed solutions include adopting post-quantum cryptographic signatures, as suggested by Blockstream researcher Jonas Nick. This ongoing discussion highlights the contrasting views on Bitcoin’s resilience in the face of emerging quantum technologies.
Lyn Alden Predicts Gradual Money Printing by Federal Reserve
The United States Federal Reserve is poised to embark on a new phase of gradual money printing that will gently influence asset prices, without the intensity that some Bitcoin enthusiasts anticipated, according to economist and Bitcoin advocate Lyn Alden. Alden suggests that this approach, while not as aggressive as previous expansions, will still lead to currency debasement over time. In her investment strategy newsletter dated February 8, Alden indicated her expectations align with the Federal Reserve's plans to expand its balance sheet at a pace that matches the growth of total bank assets or the nominal gross domestic product (GDP). She elaborated, 'Overall, I remain inclined to invest in high-quality, scarce assets, while strategically reallocating from overheated markets to those that are underappreciated.' The Federal Reserve's M2 money supply metric continues its gradual expansion, reflecting this ongoing monetary strategy. This comes in the wake of President Donald Trump's nomination of Kevin Warsh for the position of the next Federal Reserve Chairman. Warsh is perceived by market participants as having a more hawkish stance on interest rates compared to other candidates, creating a stir among traders. Interest rate policies significantly impact cryptocurrency prices. Generally, an increase in money supply is seen as positive for asset valuations, whereas tightening through elevated interest rates can result in economic slowdowns and declining prices. Looking ahead to the next Federal Open Market Committee (FOMC) meeting in March, only 19.9% of traders expect a rate cut, a decrease from the 23% who anticipated such a move earlier this week, according to CME Group data. Current Federal Reserve Chairman Jerome Powell has offered varied indications regarding future interest rate decisions, despite having reduced rates on multiple occasions in 2025. He noted, 'Short-term risks to inflation lean upwards, while employment risks are downwards, presenting a challenging environment with no risk-free policy path,' after the December FOMC meeting. Powell's term concludes in May 2025, and Warsh's confirmation by the US Senate remains pending, adding to investor uncertainty around future interest rate directions in 2026. As the financial community keenly observes these developments, the influence on both traditional and digital assets continues to be a topic of significant interest.
Venture Capitalists Debate the Future of Non-Financial Applications in Web3 and Crypto
In a lively online debate, leading venture capitalists are divided over the potential of non-financial applications in the realms of Web3 and crypto. Chris Dixon, a managing partner at a16z crypto, ignited the discussion by suggesting that the challenges facing these applications stem from years of scams, exploitative practices, and unclear regulations. Dixon argues that these issues have hindered the growth of non-financial use cases, which include decentralized social media, digital identity management, and Web3 gaming platforms. Haseeb Quereshi, a managing partner at Dragonfly, countered Dixon’s perspective, stating that the failure of non-financial crypto applications is due to a fundamental lack of interest and market viability. Quereshi contends, "Let's just admit it. They were bad products. They failed the market test. It was not regulatory figures or prominent industry failures that caused these things to fail; it was that no one wanted any of it. Pretending otherwise is coping." Dixon maintains optimism, highlighting that a16z crypto operates with a long-term vision, suggesting that emerging industries take time to develop. He points out that the top crypto applications by fee generation are primarily financial. Nic Carter, founding partner of Castle Island Ventures, emphasized the necessity for venture capitalists to identify market successes within typical fund deployment periods of 2-3 years. This debate comes amidst a significant influx of venture capital into crypto projects in 2025, primarily directed towards tokenized real-world assets (RWAs), which represent traditional assets on blockchain networks. Dragonfly’s investment strategy focuses on financial applications and blockchain infrastructure aimed at facilitating value and risk management within the on-chain financial ecosystem. Their portfolio includes the Agora stablecoin platform, payments infrastructure provider Rain, synthetic dollar issuer Ethena, and the Monad layer-1 blockchain. Meanwhile, a16z’s crypto investments span both financial and diverse Web3 sectors, featuring platforms like Coinbase and Uniswap, alongside initiatives in community building, gaming, and media streaming. Notable projects include Friends With Benefits, a digital identity provider World, and Yield Guild Games, a Web3 gaming platform. As the debate continues, the future of non-financial applications in crypto remains a contentious topic, with differing views on their potential and the timeline for their success.
Global Interest in 'Crypto' Slumps to Near-Yearly Low Amid Market Decline
Amid a significant downturn in the cryptocurrency markets, global Google searches for the term 'crypto' have plummeted, reaching levels not seen since the dramatic Terra-LUNA crash of 2022. This decline in search interest reflects a growing sense of investor caution as the overall market capitalization of cryptocurrencies has fallen from a peak of over $4.2 trillion to approximately $2.4 trillion. According to Google Trends, the worldwide search interest for 'crypto' currently stands at 30 out of 100, where 100 represents peak search interest. The last time such a peak was recorded was in August 2025, coinciding with a surge in market capitalization. Over the past year, the lowest search volume recorded was 24. In the United States, search patterns mirrored global trends, hitting a high of 100 in July before dropping below 37 by January. Interestingly, U.S. search interest rebounded to 56 in early February, despite a low of 32 during the market crash in April 2025, which was exacerbated by tariff policies under President Donald Trump. The cryptocurrency market has seen a sharp decline in trading volume, with figures dropping from a high of over $153 billion on January 14 to around $87.5 billion recently, as reported by CoinMarketCap. Google search data often serves as a barometer for investor sentiment, aligning with other indicators like the Crypto Fear & Greed Index, which dipped to a record low of 5 last Thursday but slightly improved to 8 by Sunday. These numbers still indicate 'extreme fear' among investors. The current sentiment echoes the post-collapse period of the Terra ecosystem in 2022, which unleashed a cascade of liquidations, deepening the bear market. Analytics from Santiment, a market sentiment analysis platform, reveal that investors are eagerly looking for signals indicating a market bottom to strategize their re-entries. "The crowd sentiment is overwhelmingly bearish, with negative commentary peaking since December 1st," noted Santiment in a recent report. As crypto investors navigate this period of uncertainty, many are waiting for signs of a market rebound. This cautious approach is evident in the broader market, where the balance between optimism and skepticism remains delicate.
Is the Bitcoin Bear Market Still Looming? Analysts Predict Potential Low at $50K
Recent analysis of Bitcoin's price movement indicates a persistent bearish trend, reminiscent of the 2022 market downturn, with some experts foreseeing new macro lows. Over the weekend, Bitcoin (BTC) experienced a brief 3% uptick, yet skepticism remains about the sustainability of this rebound. Key insights suggest that if patterns from the 2022 bear market persist, Bitcoin could see further declines. Analysts are closely monitoring moving averages and the cost basis of U.S. spot Bitcoin ETFs, though they acknowledge that a repeat of 2022's conditions is not guaranteed. Despite Bitcoin crossing the $71,000 mark, a 20% rise from Friday’s 15-month low, market volatility continues to stir doubt. Filbfilb, an independent analyst, compared the current price action to that of 2022, pointing out that the market has not yet reached true capitulation. His analysis, alongside a chart on X, showed Bitcoin’s spot price in relation to the 50-week exponential moving average (EMA) set at $95,300. Analysts like Tony Severino and trader BitBull echo these sentiments, suggesting that a real bottom might emerge below the $50,000 threshold, potentially leaving many ETF investors at a loss. Currently, the average buy-in cost for U.S. spot Bitcoin ETFs stands at $82,000 according to Checkonchain. Previous reports from Cointelegraph have highlighted significant bear market indicators, focusing on the 200-week simple and exponential moving averages, which together create a support zone between $58,000 and $68,000. Caleb Franzen from Cubic Analytics noted that Bitcoin is revisiting this crucial support area, drawing parallels to its behavior in May 2022 when it initially rebounded before eventually breaking through this support in June. Franzen emphasizes that while historical patterns offer insights, the market's future trajectory remains uncertain. He stresses that predicting the exact course of Bitcoin’s price is challenging and that investors should remain vigilant. (Note: This article is a summary of market observations and does not offer investment advice. Readers should perform their own research before making financial decisions.)
Block Inc. Considers 10% Workforce Reduction Amid Strategic Revamp
Block Inc., the financial services firm led by Jack Dorsey, may reduce its workforce by as much as 10% as part of a strategic overhaul, according to a Bloomberg report. This restructuring effort comes during annual performance evaluations, where hundreds of employees have been informed that their roles might be at risk. The company, which had nearly 11,000 employees as of November, is looking to streamline operations and enhance efficiency. The restructuring aims to create a more cohesive link between Block's peer-to-peer payments service Cash App and its merchant services platform Square. In addition to these changes, Block is also focusing on expanding its newer ventures, such as the Bitcoin mining division Proto and an artificial intelligence initiative known as Goose. Despite the anticipated layoffs, Block's stock saw a nearly 5% increase last Friday. The company is set to release its quarterly earnings on February 26, with analysts predicting a fourth-quarter profit of $403 million on $6.25 billion in revenue. This follows a third quarter where Block reported a net income of $461.5 million on revenue of $6.11 billion, with gross profit rising by 18% due to significant growth in Cash App and Square. Bitcoin remains a significant revenue source for Block, having generated approximately $1.97 billion in the third quarter, despite a year-over-year decline from $2.4 billion. As of the end of September, Block held 8,780 BTC valued at over $1 billion, although it recorded a $59 million quarterly valuation loss. In a move to enhance its payment solutions, Square, a subsidiary of Block, introduced a Bitcoin payment option for merchants last November. This feature allows sellers to accept BTC directly at checkout through Square's point-of-sale systems, with options for Bitcoin-to-Bitcoin transactions and automatic conversion to fiat currency. This development is part of Square's effort to broaden its payment and wallet services, which are utilized by over four million merchants across eight countries.