Cramer Sells Bitcoin Over Quantum Fears, Market Shrugs

Jim Cramer has announced that he will be selling all of his Bitcoin holdings due to concerns over quantum computing potentially breaking the cryptography that secures the network. In a July interview, IBM CEO Arvind Krishna warned that investors should become 'paranoid' about the risk within three-to-four years. While some have expressed concern about this threat, the market has largely shrugged it off, with Bitcoin rising 1.6% on the day of Cramer's announcement and holding steady near $64,000.

The Coldcard hack, which resulted in losses exceeding $100 million, has also highlighted the potential risks posed by AI-assisted vulnerability discovery. However, security researchers point out that these incidents may ultimately push crypto teams to take both AI-assisted attacks and the longer-term quantum threat seriously.

Meanwhile, Ethereum's research community is moving forward with a proposal to curb ETH inflation through a 'Tapered Issuance Burn' mechanism. This would involve destroying a rising share of validator staking rewards as more of the supply gets staked, effectively canceling out staking rewards entirely once half of all ETH is staked.