James Check Dismisses Quantum Threat as Factor in Bitcoin’s Price Decline

Bitcoin's weakness due to sales by holders, not quantum computing, says James Check.

The primary reason for the weakness of the leading cryptocurrency is large-scale sales by long-term holders, not concerns about quantum computing, stated James Check, founder and lead analyst at _Checkonchain. 

This.

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

— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) January 21, 2026

“Yes, we should have plans to protect against the quantum computing threat. But to consider it the main reason for the current price drop is like blaming market manipulation for red candles and exchange balance declines for green ones,” he wrote.

According to the expert, the threat from the technology may deter some investors, but it is not linked to Bitcoin’s ongoing sideways movement. 

“In 2025, the asset faced sales 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 by Bitcoin book author Vijay Boyapati, who is also highly skeptical of the idea that quantum computing affects the coin’s price. 

Castle Island Ventures partner Nic Carter expressed an opposing view. In his opinion, 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 the developers aren’t listening,” he wrote.

Previously, Carter had accused the Bitcoin community of ignoring the issue. The expert believes there is a significant gap between capital holders and technical specialists.

Some market participants are already divesting from digital gold in their portfolios, such as Christopher Wood, the author of the popular “Greed & Fear” concept. His decision was driven by growing concerns that advances in supercomputing could threaten the long-term security of the coin.

However, many consider the problem distant—cypherpunk Adam Back expects systems capable of breaking Bitcoin’s cryptography to emerge no sooner than 20-40 years from now.

Coinbase’s New Initiative

The American cryptocurrency exchange Coinbase has formed an independent advisory board to assess the threats posed by quantum computing to blockchain. It includes experts in the field, cryptography, distributed systems, and cybersecurity. 

The board 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 technologies. 

The first programmatic document is expected to appear in early 2027. 

Coinbase emphasized that the board will operate independently of the company’s management and is intended to provide research for the entire industry. 

In January, BTQ Technologies launched a quantum-resistant Bitcoin testnet.