Bitcoin’s recent decline in value cannot be attributed to worries about quantum computing, asserts Bitcoin developer Matt Carallo. He believes that individuals in the Bitcoin community are eager to find a reason for the sluggish price, dismissing quantum anxieties as merely scapegoating.

“I strongly disagree with the characterization that Bitcoin’s current price is materially because of some kind of quantum risk,” Carallo said during a recent podcast with journalist Laura Shin.

“If that were true, then Ethereum would be up substantially on Bitcoin,” he added, noting that Ether is currently down 58% since a significant market crash earlier this month.

Carallo’s remarks surface as some Bitcoiners have suggested that quantum technology could be responsible for Bitcoin’s staggering 46% decrease from an all-time high of $126,100 to its current price of $67,162, per CoinMarketCap.

Some users of Bitcoin have criticized its developers for not accelerating efforts to make the platform resistant to quantum threats, meanwhile, the Ethereum Foundation claims to be taking proactive measures.

Carallo acknowledges that although quantum computing presents long-term dangers to Bitcoin, it is not considered an immediate threat by market makers. He suggests that the community’s fixation on quantum fears is a misguided search for blame.

He points out that Bitcoin is facing increased competition for investment from technologies like artificial intelligence, stating, “AI is super capital-intensive.”

Additionally, Charles Edwards, founder of Capriole Investments, believes it’s wise to consider quantum risks in Bitcoin valuations until solutions are developed. Entrepreneur Kevin O’Leary has previously stated that pursuing quantum strategies against Bitcoin may not be the best use of resources, favoring medical advancements instead.