Jefferies strategist Christopher Wood removed Bitcoin from his GREED & fear model portfolio, according to a January 16, 2026 report by The Block, which said it had received the investment note.
The 10% Bitcoin allocation was replaced with 5% in physical gold and 5% in gold-mining shares. Wood cited concern about the longer-term implications of quantum computing for Bitcoin’s security and store-of-value case.
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A model allocation, with a specific rationale
The report concerned a strategist’s model portfolio. It did not establish that Jefferies sold an equivalent share of its own balance-sheet assets or instructed every client to sell Bitcoin.
The Block reported that Wood did not expect the quantum issue to have a dramatic immediate effect on price. His concern addressed a long-term portfolio horizon.
Risk assessment is different from a demonstrated attack
A portfolio decision based on a possible technological threat is not evidence that Bitcoin’s cryptography has already been broken. Timelines, technical capability and any protocol response require separate evidence.
Our guide to risk and returns explains why allocation decisions depend on objectives and time horizons.
Editor’s note: The misspelled headline has been corrected. The article now identifies a model-portfolio change and removes unsupported claims about attack timelines and other commentators.