Fed Chair Nipinator (3:01)

distracted by the wrong fear.

JV (Host) (3:03)

Because there are only a few million bitcoin available for the entire world. It's 2 to 3 million fam. So a $450 billion quantum threat to bitcoin is suddenly everywhere. Google mainstream fuders analysts headlines the claim that quantum computers could eventually break Bitcoin's cryptography. They're saying they're already doing it, which is what's crazy. And put millions of coins at risk. Some estimates suggest 6.7 million BTC can be exposed over time to the quantum threat. Others are pushing headlines like Bitcoin cracked in nine minutes.

Fed Chair Nipinator (3:35)

Sounds terrifying, right?

JV (Host) (3:37)

But here's what they're not telling you.

Fed Chair Nipinator (3:38)

This is not happening now.

JV (Host) (3:40)

And it's not even freaking close. Today's most advanced quantum systems are running at roughly 6,000 cubits. For second, the theoretical attack models require hundreds of thousands, potentially millions of stable cubits running flawlessly. And that's not a software update. That's a completely different technological era. And even if that day eventually comes,

Fed Chair Nipinator (4:01)

Bitcoin doesn't sit still.

JV (Host) (4:03)

It evolves, it upgrades, and it adapts

Fed Chair Nipinator (4:05)

long before any real threat materializes.

JV (Host) (4:08)

So while the market is focused on a hypothetical future risk, something very real

Fed Chair Nipinator (4:13)

is happening right now.

JV (Host) (4:14)

Bitcoin supply is disappearing. As of this year 2026, 14.8 million

Fed Chair Nipinator (4:20)

Bitcoin, roughly 75% of the total supply,

JV (Host) (4:23)

is now officially illiquid, which means locked

Fed Chair Nipinator (4:26)

dormant, not moving, and not for sale. That leaves only about 22 to 25%

JV (Host) (4:31)

of the Bitcoin supply as liquid as of today.

Fed Chair Nipinator (4:34)

And on the exchanges, roughly, I've seen estimates of 2.4 to 3 million bitcoin available for immediate trading. And it gets even tighter. With an estimated 3 to 4 million bitcoin permanently lost, gone forever. Means the true available supply is even smaller than it appears. The real supply isn't what exists. It's what actually is available. And because even if you believe the quantum narrative, it doesn't change this. There's only a few million coins available for the entire world. And here's where it gets even bigger. While fear dominates the headlines, access to Bitcoin is expanding. The U.S. labor Department has now taken steps to allow crypto inside 401k retirement accounts. That's not niche development, that's access to over 10 trillion just in 401k assets alone. If we zoom it out further, total US retirement assets now exceed 49 trillion dollars. And Wall street is already suggesting even a 1 to 4% allocation to Bitcoin. So let's do the math. Even a small percentage of that capital entering the market collides with a shrinking pool of just a few million coins. And that's where the markets don't move gradually, they reap reprice. Fast and violently. This is how analysts arrive at 1.6 to 2 million dollar Bitcoin based on gold parity alone. And why those targets keep moving higher. Because once Bitcoin gets absorbed, there's no coming back. Long term holders are locking it away, institutions are accumulating, ETFs are absorbing daily supply and every cycle less Bitcoin is available. This is the part most people still don't understand. Bitcoin isn't threatened by quantum today, it is being repric by scarcity right now. So while the market debates a future risk, the present reality is simple supply. It's shrinking, demand expanding. And that imbalance doesn't resolve slowly, it snaps. This is how you go from 100 GS to 500,000 to a million to 2 million dollar Bitcoin. Not gradually, but in sharp aggressive repricing moves. Because at that point there simply isn't enough Bitcoin left. So the real question isn't can quantum break Bitcoin? Jv the real question is what happens when trillions of dol rush into an asset there isn't enough to buy and the market is still pricing it like the supply is infinite. That's my question for you today. Let me know in the comments right down below and we'll continue to decipher this FUD of the quantum computing currently breaking the Bitcoin network. But yeah, Google Research, they're the ones behind the fud. I'm going to share some insights here because again, they're spreading false narratives. So it's important we share the truth. As this user wrote, this is such it. Don't let them FUD you out.

JV (Host) (7:18)

I read up on quantum computing once

Fed Chair Nipinator (7:20)

and the tech is much further away than they make you believe. Today the highest count is 6000 cubits held for 13 seconds. That is a far far away from the 500, 000 required for nine minutes as they claim. Especially since the tech gets exponentially harder. Takes just one particle to wiggle it a bit too much and the entire state collapses. Heisenberg is a. Also, I highly doubt their numbers. You'd likely need millions of qubits despite what they claim. And apart from the fact that Google or IBM or some other big tech would have to deliberately attack bitcoin with such a machine because it is not like some hackster can have a 10 billion dollar supercomputer the size of a building and the energy demand of a small city and his basement. Ignore this crap. And he makes a great point right there. And guess what? Bitcoin is classified as property. So if Google snatched. Just a hypothetical. Just give him the benefit of the doubt. If Google snatched everyone's bitcoin with quantum computing, they'd have to, you know, answer questions why they just stole all of that money. They'd absolutely be held responsible because bitcoin is classified as property. That's theft. You know what I mean? So keep that in mind as well. So note, this is fud. And what's crazy is this account Coin Bureau, he's one of the biggest crypto creators in the space. One million followers, yet he's deliberately pushing fud. So it makes you wonder who's paying this guy off to spread this narrative, you know what I mean? Because there's nothing true here. He's suggesting an attack takes nine minutes and that they have a 41 success rate. Just making this up. And that's why he got community checked right here. There's no confirmed breakthrough, imminent threat as we know, it's nothing more than fud. And then you also have the world's largest betting market, Poly Market, spreading the same fud. Google research reveals quantum computers may be able to crack the bitcoin private keys in just nine minutes. And more FUD. Bitcoin projected to crash below 45,000 this year. It just seems very orchestrated, if you know what I mean. So Nick Carter's been spreading this narrative as well. Many wondering what Google saw that caused them to revise their post quantum cryptography transition deadline. And he shares an article which we'll tap into as well. Max, the VC responded. Google is basically saying we've cut the quantum resources needed to break Bitcoin's encryption by 20x. We can now break it, we can prove it. We're just not going to tell you how we have slowed down the research to give crypto a chance. You have until 2029 to figure out a solution. Good luck now. Also this is interesting as TFTC wrote, the co author on Google's quantum paper calls himself a bitcoin security researcher, but he actually works for the Ethereum Foundation. Then at the end of his own thread about breaking Bitcoin's cryptography, he casually drops the bitcoin proof of work is cooked totally unbiased research. And I'm glad he points that out. And then we got Adam back who is an OG in the space many believe to be Satoshi. He wrote also as quantum algorithms are relatively ineffective versus hash functions need to cryptographically relevant non vaporware physical quantum computer. My guest 20 years away minimum and interim focus on PQ signatures upgrade interim like the shrinks work for this particular research. So he's ultimately saying this is 20 years out. They want you to believe it's a realistic threat right now. And also Samson Mao has addressed this before and I'm going to actually play this quick video clip from Samson bank

Samson Mao (11:01)

has different systems, different code bases, different security practices and there's millions and millions of banks around the world all with varying levels of software sophistication and security. And you're not going to fix that as simple as the bitcoin network can fix itself. So my advice is if you're worried about quantum computing as a threat to Bitcoin, you should first worry about the traditional financial system and even military systems. Right, because nuclear launch codes will also be broken with quantum computing and that is also a threat. But it's really interesting how the media only focuses about Bitcoin and these things when there is so much other threats that quantum computing can take down.

JV (Host) (11:49)

And he hit the nail on the head right there. Why are we only focused on quantum computing, bitcoin threats, but not nuclear energy and other things which should be more important for humanity's safe being, if you know what I'm saying. But let's give them the benefit of the doubt. Here's the particular article which they're pushing hardcore, including Nick Carter. It's entitled Safeguarding Cryptocurrency by Disclosing Quantum Vulnerabilities responsibility and the authors include Google Quantum AI and Google Research. So this is where the FUD narrative is being, you know, spread. So I'm going to read some of this. Google has led to the responsible transition to post quantum cryptography since 2016. In a new white paper we show that future quantum computers may break the elliptic curve crypto cryptography that protects crypto and other systems with fewer cubits and gates than previously realized. We want to raise awareness on this issue and are providing the cryptocurrency community with recommendations to improve security and stability before this is possible, including transitioning blockchains to post quantum cryptography, which is resistant to quantum attacks. But here we go. Quantum Resource Estimates Quantum computers promise to solve otherwise impossible problems, including examples in chemistry, drug discovery and energy. However large scale cryptographically relevant quantum computers will also be able to break current widely used public key cryptography that protects things like people's financial confidential information. Governments and others, including Google, have been preparing for the security challenge for many years. With continued scientific and technological progress address CRQCs are getting closer to reality, requiring a transition to PQC, which is why we recently introduced our 2029 migration timeline. In our white paper we share updated estimates of the quantum computing resources necessary to break a 256 bit elliptic curve discrete logarithm problem on which the elliptic curve cryptography is based. We express our resource estimates in terms of the number of logical qubit as well as the Tilafi gates. And if you nerds understand what they're talking about, good for you because I

Fed Chair Nipinator (14:04)

have no freaking clue.

JV (Host) (14:05)

So I'm not going to read more technical jargon, but here's the bigger picture. Protecting Crypto at post quantum cryptography Most blockchain tech and cryptos currently rely on the ECDLP256 for critical aspects of their security. And we argue in our paper the PQC represents a well understood path to post quantum blockchain security, underwriting confidence in the long term viability of cryptos in the digital economy.

Fed Chair Nipinator (14:32)

Now there was another article published by Cointelegraph with The headline is 450 billion in Bitcoin vulnerable to the Quantum Threat? Let's see what it says. Google's paper estimates roughly 6.7 million bitcoin worth $450 billion stored in wallets, which

JV (Host) (14:48)

can become easier to target if the quantum computers ever grow powerful enough to break Bitcoin's cryptography.

Fed Chair Nipinator (14:54)

That's the key if meaning it's not happening right now like some fudsters are spreading. That includes a large cluster, the legacy wal, holding 50 bitcoin, each a leftover from Bitcoin's early mining era when that was the block reward. Many of those so called Satosh era coins have remained untouched for years, including Satoshi coins himself. Now Calac and Artox paper claim the quantum computing can hack a standard blockchain in roughly 10 days. Meanwhile, analysts said the longer risk is concentrated in dormant addresses. Moving them may reduce quantum risk, a warning some early holders are already being taking serious. Publicly reported transfers show more than 885000 Bitcoin from the Satoshi era or decade old wallets have moved in the past year though the true total could be higher. Also, those papers are not fully independent. Some authors hold stakes and are atomic and six are employees, meaning its conclusions

JV (Host) (15:51)

may also support the company's commercial interest.

Fed Chair Nipinator (15:54)

And I'm glad they're calling that out. And I already referenced this early earlier Coin Bureau clearly spreading fud. The community comment has already fixed it and calling out the as many analysts are the bitcoin price stalled as analyst Nick Carter amplified the Google report on the viral Tuesday post, which we just touched upon and then Bitcoin shortly fell 3.5% afterward. We have recovered since and we're back in the green on the day. Bitcoin remains under pressure as multiple analysts highlight this quantum threat along with the mainstream fud. That includes Charles Edwards Capriole Investments who said Bitcoin will never make a new all time high until before Bitcoin core takes quantum risks seriously. So who do we listen to? Adam Back who says it's not a legit perceived viable threat for 20 years or you know, Charles Edwards and Nick Carter who's saying it's an immediate imminent threat right now? Let me know your thoughts fam in the comments. Another analyst said could see us bottom in 2026, 2027, have our last bull run before this becomes a real threat. Others, like bitcoin security expert Jameson Lott were more skeptical. He wrote these papers both show advancements in algorithm algorithmic efficiency and quantum computing theory. But one should not overlook the assumptions underlying these claims. Progress is clearly continuing. How long do we have before cryptographically relevant quantum computer can be built? That's still anyone's guess. So there you go. Yo. Let me know your thoughts exactly, Mike.

JV (Host) (17:23)

If quantum breaks bitcoin, it breaks the entire financial system system first. Which means bitcoin isn't the immediate risk people think it is. That isn't the big story. The big story is the supply shock. We have less than 3 million available Bitcoin and that's the story. JV, you're the best bitcoin presenter ever.

Fed Chair Nipinator (17:44)

I'll take it.

JV (Host) (17:45)

Thank you Jimbo.

Fed Chair Nipinator (17:46)

I appreciate that.

JV (Host) (17:47)

Supply and demand is what the people should be paying attention to.

Fed Chair Nipinator (17:50)

Precisely. Oracle, you hit the nail on the head there. You know, f the fud. That's what I'm saying.

JV (Host) (17:56)

You know.

Fed Chair Nipinator (17:57)

Now they are trying to FUD with the quantum threat.

JV (Host) (18:00)

There's nothing new under the sun. Three things cannot be long hidden.

Fed Chair Nipinator (18:04)

The sun, the Moon, and the mother freaking Foot.

JV (Host) (18:07)

Because the truth will always be revealed over time.

Fed Chair Nipinator (18:10)

Weren't we told back in 2010 they'd

JV (Host) (18:12)

be able to crack bitcoin with computers

Fed Chair Nipinator (18:14)

that we have today? Nothing but FUD? Absolutely. You're 100 right.

JV (Host) (18:19)

And I also remember 10 years ago

Fed Chair Nipinator (18:21)

Elon promised to go to Mars. Did anyone go to Mars? No. And he's given up on the mission. Just a fact. Now he's like, it's a lot easier if we can get to the moon. Best of luck Elon. And best of luck fudsters. You know.

JV (Host) (18:40)

Today is pot episode 2296 I'm your host JV alongside the Fed Chair Nipinator Keeping them nipinating today is March 31, 2026. Next up, U. S Labor Department takes step towards including crypto and 401ks. Let's discuss it. U S Department of labor proposed a rule change seeking to expand investment options and 401k retirement plans, including crypto, moving the country one step closer to implementing U S President Trump's executive order in August. A notice for the Labor Department proposal title Fiduciary Duties and selecting designated investment Alternatives appeared on the Federal Register on Monday with with a pre published version of the document detailing the factors that retirement managers should consider when incorporating crypto and other alternative investments into client portfolios.

Fed Chair Nipinator (19:33)

The draft defined the digital asset as a new form of investing that includes a wide variety of assets that can

JV (Host) (19:39)

be stored and transmitted digitally, including crypto such as bitcoin and other tokens.

Fed Chair Nipinator (19:44)

But we all know there is no second pass. The proposal could unlock trillions of dollars in retirement capital. In fact, it's close to a few $50 trillion sector the US retirement money pool and I believe a big portion, maybe 10 to 12 trillion is specific about to be unlocked in the 401ks. The Labor Secretary said the proposal rule

JV (Host) (20:07)

will show how plans can consider products

Fed Chair Nipinator (20:09)

that better reflect the investment landscape as it exists today.

JV (Host) (20:13)

Quoting them here, this greater diversity will

Fed Chair Nipinator (20:15)

drive innovation and result in a major win for the American workers, retirees and their families. It moves the U S a step closer towards executing an executive order by Trump in August directing the Labor Department, securities and Exchange Commission and Treasury Department to expand investment Options to include 401ks and revise related regulations. And my question for you, how many of you are excited about them unlocking 401k capital to go into Bitcoin? Let me know now. SEC Chair Paul Atkins Added on Monday that broadening American investors access to well diversified long term investments that harness innovation and economic growth is a critical priority for effective retirement planning. Meanwhile, Wall street firms suggest 1 to 4% crypto allocations. Let's run some of the math. Morgan Stanley, the investment bank that has made such an aggressive push into crypto this year told its 16000 financial advisors who collectively manage 6 trillion and client assets in October they can recommend crypto investments to their clients. The same month Morgan Stanley recommended 2 to 4% allocation to the crypto portfolios for investors. Meanwhile, BlackRock, the largest asset manager recommends more modest crypto allocation of 1 to 2% for the more diversified portfolios. And even the bank of America recently came out publish a report recommending up to 4% allocation into crypto. So as you can see, this particular cycle is the cycle for the institutions for the first time in Bitcoin history as of 2024 January we have the ETFs which went live with BlackRock's Eyebit being the most successful. And within two years they already collectively have close to 800000 Bitcoin and that's one institution. And the floodgates continue opening up now with retirement accounts, 401ks, more institutions and even the biggest fudsters and haters against Bitcoin over the years are all recommending Bitcoin now. Including JB Morgan Chase, Jamie Dimon himself,

JV (Host) (22:24)

including of course we got Vanguard who was fighting Bitcoin for the longest time.

Fed Chair Nipinator (22:28)

They're now recommending it allowing their clients

JV (Host) (22:30)

to buy it as well as bank of America. Take that next up, big news. Morgan Stanley's Bitcoin ETF likely to launch

Fed Chair Nipinator (22:38)

early next month according to the latest

JV (Host) (22:40)

from the Bloomberg analysts. That's right. James Safart says the bank is clearly not messing around with its spot Bitcoin ETF which will feature the ticker MSBT quoting them here. Wowzer Scoob. We have a fee on the Morgan Stanley spot Bitcoin ETF. MSBT will charge just 0.14%.

Fed Chair Nipinator (22:59)

Big move here. This is the lowest fee we have ever seen for the etf. So this is a big deal.

JV (Host) (23:03)

The fee will significantly undercut Black rocks

Fed Chair Nipinator (23:06)

flagship Bitcoin ETF which charges a quarter percent. Morgan Stanley's Bitcoin ETF is the first from a major U S bank. The lender has 16000 advisors selling its investment products and holds 1.9 trillion in assets under management within its investment management division. That's what's up.

JV (Host) (23:24)

So yeah, this is more big news and also Bitgo rolls out Portfolio Based Crypto Lending Platform for the Institutions that's right, Digital asset infrastructure provider Bitgo launched a financing platform which lets institutional clients borrow and lend against a RA digital assets, which include liquid tokens, stake positions,

Fed Chair Nipinator (23:45)

lock holdings, all within a single account.

JV (Host) (23:47)

The company said the system consolidates the borrowing, lending and collateral management into one workflow, replacing processes that have been typically requiring multiple counterparties and manual asset transfers. So by introducing portfolio based lending, Bitgo hopes to give clients access to credit

Fed Chair Nipinator (24:05)

against a mix of assets held in

JV (Host) (24:07)

custody rather than posting collateral on a per loan basis. It also supports loans backed by staked and locked tokens, which Bitco says will allow the institutions to use those positions

Fed Chair Nipinator (24:19)

as collateral without unwinding them while maintaining visibility and control over assets held in custody. Institutional clients can also lend eligible assets to the platform using the same account to deploy capital for yield or access liquidity for trading and treasury needs. Finance and activity is handled within the Bitgo custody environment, with collateral held in segregated wallets and credit extended against assets including Bitcoin, Ether, Solana and Stablecoins. Funds access through the platform can be

JV (Host) (24:49)

used for trading via their brokerage service

Fed Chair Nipinator (24:51)

or the broader liquidity and capital management needs. So yeah, Bitcoin lending grows across exchanges, defy and institutional markets. And this is the theme as the institutions continue expanding. It's just unlocking more pools of capital into Bitcoin, which is always bullish.

JV (Host) (25:09)

And I remind you the real story

Fed Chair Nipinator (25:11)

today is not the quantum computing FUD narrative being pushed by the lame stream right now. It's the fact we have a very limited supply of Bitcoin available, which is 2 to 3 million available on the exchanges right now, which will cause a supply shock. So while everyone's focused on FUD, quantum computing threats and price action, the OGs are focused on supply, supply, supply because that's all that matters.

JV (Host) (25:43)

And don't forget to check out bitcoin news alerts.net for the full premium experience with video and to participate in the live stream along with the Q A. And I look forward to seeing you on tomorrow's episode Hoddle.

Fed Chair Nipinator (26:04)

I.