Jim Cramer, CNBC host and long-time crypto critic, announced he is selling his Bitcoin due to concerns about the potential threat from quantum computing. IBM CEO Arvind Krishna advised him during an interview to be « paranoid » about crypto cryptography within three to four years. This announcement follows a demonstration of quantum advantage by IBM and the University of Chicago on July 30, using 70 logical qubits and a new error-correction method. Traders celebrated the decision, invoking the « inverse Cramer » strategy, a well-established pattern where one does the opposite of what Cramer recommends, with a fund even created in 2023 specifically to bet against his picks. Coinbase’s quantum advisory council estimates approximately 7 million Bitcoin could eventually be vulnerable through exposed public keys and address reuse.
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