The only reason Bitcoin is down 50%+ against equities and Gold in the last year is Quantum computing. Nothing else is a substantial factor. 2025 was post-Halving year, it was Bitcoin's first negative one ever. 2025 was the first year Bitcoin had negative 2 year rolling correlation to Gold and went down. All other major gold rallies in the last 10 years saw Bitcoin follow within months, not 2025. 2025 had the perfect macro tailwinds, 10.5% growth in M2 money supply as high as 2020, yet we went down. 2025 had the perfect US legislation and policy backdrop, yet we went down. The reason is Quantum computing. Nothing else. 2025 was the first year we entered the Quantum Event Horizon: the timeframe to upgrade Bitcoin to be quantum proof (~2 years) is the same time until a non-zero chance of a CRQC existing that breaks Bitcoin. You now need to discount the value of Bitcoin by about 25%. If no progress is made in 2026, that discount factor jumps to 40%+. Every year we lose without upgrading Bitcoin from here results in an exponential reduction in value. We must solve Quantum for Bitcoin in 2026.(Charles Edwards)