Novo implies on the earnings call just now Galaxy had a client that sold $9b worth of bitcoin at least partially due to quantum

A lot of people apparently unable to read and infer context from a written passage here you’re only hurting yourselves by being functionally illiterate

galaxy has informed me my "inference is incorrect" and encourages people to refer to the quote transcript. so here it is make up your own mind

just to be excruciatingly clear, because I am a big fan of Galaxy and the team there - I totally grant that Novo spoke inartfully and spoke in a way that could have caused a reasonable person to (wrongly) infer that the $9b seller was doing so for quantum reasons. I don't feel in any way bad that I misunderstood his intent. That's unfortunately on Novo. - At the same time, Novo is confirming something important about quantum that I have been saying for some time: that dev inaction is causing (other) large holders to sell. this is very clear if you read his actual words: Q: I know, Mike, you know, that you had the big OG profit taking. You know, we've heard things about, maybe a little over leverage in the system. Is Bitcoin a risk asset? Is the store of value? Is it trying to be both? Just, it was a little surprising to see that price action. Maybe just some more color on, you know, where maybe you were seeing selling. A (Novo): I think the OG profit taking more than we thought is a real thing. And, you know, I think the psychology is you know, if you've ever been a like, a speculator, once you start selling, it becomes like a an idea of a reaction function. Then you sell a little more, you sell a little more, and it is so hard to huddle. To literally hold a position and ride it for a long, long trend. And there were a tremendous amount of kind of religious believers in this concept of hodling, of holding, you know, and not letting go of your Bitcoin. And somehow that virus or that fever broke and you started seeing some selling. Quantum has been the big excuse for people. Now you know, you're seeing some reaction function. From the industry. I think the industry has been slow to kinda like, fund the quantum institutes to say, hey. This is the real this is the real story. Right? The story in layman's terms, which has always been told to me by the, quote, smart guys who and around the Bitcoin core developers is, we get closer to quantum, we're gonna get closer to quantum resistant. And you will have the Bitcoin code changed in time. So the risk, of course, to the Bitcoin ecosystem is the developers all get obstinate and they fight amongst each other. And they don't and they nihilistically blow themselves up. I just don't see that happening. And so I think in the long run, quantum will not be a huge issue for crypto. It'll be a big issue for the world, but crypto Bitcoin especially will be able to handle it. But that's been the excuse.