Asia Morning Briefing: Michael Saylor Downplays BTC’s Quantum Threat
Asia Morning Briefing: Market Highlights
Bitcoin (BTC) traded flat at $105,600.30, recovering from an intraday dip. However, a recent surge in miner exchange transfers suggests potential volatility. Ethereum (ETH) remained above crucial $2,500 support, closing near $2,534. BlackRock’s ETH ETF is nearing $5 billion due to sustained institutional inflows. Gold traded slightly lower at $3,314.92 but is on track for weekly gains, supported by weak U.S. jobs data despite easing U.S.-China tensions. Japan’s Nikkei 225 opened higher at 37,741.61 (+0.50%), extending recent gains.
Michael Saylor, Strategy’s executive chairman, downplayed the quantum computing threat to Bitcoin, suggesting a software upgrade would address any future vulnerabilities. He dismissed concerns as marketing for new crypto projects, emphasizing Bitcoin’s protocol adaptability. However, a Presto Research report counters this view, highlighting the crypto industry’s unpreparedness for the quantum threat. Despite these concerns, BTC remains above $100K, seemingly unfazed by this potential risk.
Circle’s blockbuster IPO, opening at over $107, highlights the ongoing growth in the stablecoin market. However, determining the true market size of stablecoins used for payments remains challenging. While the circulating supply is readily available, differing analyses show significant discrepancies in transaction volume estimates. Visa and Allium estimate $9 trillion annually, while Fireblocks reports $232 billion in verified payments. A joint Artemis and Dragonfly study suggests approximately $72.3 billion, highlighting the complexity of accurately measuring stablecoin payment usage. Circle’s IPO filing does not specify USDC’s payment volume, only referencing general transaction volume.
Coinbase and BiT Global settled their lawsuit over the delisting of wrapped Bitcoin (wBTC). BiT Global dismissed its lawsuit, and each company will bear its legal costs. Coinbase cited concerns over Justin Sun’s involvement with wBTC. Gemini, founded by the Winklevoss twins, confidentially filed for an IPO with the SEC, following Circle’s successful public offering. The IPO details remain undisclosed, but Goldman Sachs and Citigroup are advising the exchange.
