Asia Morning Briefing | Sept. 6, 2025
Saylor: Bitcoin Is Quantum-Resilient. Circle’s Payment Data Gap Persists. Gemini Files for IPO.
🔐 Saylor: Quantum Is a Red Herring, Bitcoin Will Adapt
MicroStrategy’s Michael Saylor has dismissed quantum computing as an existential risk to Bitcoin, calling it an exaggerated concern with little near-term impact.
Speaking on CNBC, Saylor argued that Bitcoin is no more vulnerable than any modern technology stack—and that it will adjust when necessary through protocol upgrades.
“Bitcoin is software—it evolves,” he said. “Quantum threats are mostly marketing narratives from people pitching new coins.”
His comments respond to increasing industry debate sparked by BlackRock, which recently cited quantum computing as a potential long-term threat to crypto assets. The fear: future quantum machines could break current encryption standards that protect Bitcoin wallets.
Saylor pushed back, noting that no institution—corporate or sovereign—would willingly deploy quantum tech capable of collapsing the internet’s security infrastructure.
Still, contingencies are being explored. A proposed Bitcoin Improvement Proposal (BIP) recommends transitioning user wallets to quantum-safe formats via hard fork. Meanwhile, startups like BTQ are developing quantum-resistant hardware for Proof-of-Work blockchains.
Not all analysts are aligned with Saylor’s outlook. A report by Presto Research recently warned the crypto sector remains “technically underprepared” for quantum disruption.
Despite the discourse, the market remains unmoved—BTC is steady above $104K, with technical signals pointing toward potential new highs.
💵 Circle’s IPO Shines, but Stablecoin Payment Data Still Lacks Clarity
Circle’s recent IPO may have captured investor excitement—its stock surged to $107—but questions linger about the real-world utility of its USDC stablecoin.
While on-chain issuance of USDC and other stablecoins is easy to track (now totaling $254 billion, per CoinGecko), true payment volumes remain opaque.
Research from Nic Carter highlights the inconsistencies:
- Visa & Allium: Estimate $9 trillion/year in stablecoin volume—includes DeFi and trading activity.
- Fireblocks: Reports only $232 billion in verified payment flows vs. $2.12 trillion in trades—implying payments make up ~10%.
- Artemis & Dragonfly: Estimate just $72.3 billion/year from 20 direct-use providers—likely an undercount.
Circle’s filings didn’t clarify how much of USDC usage is actually payment-related, instead citing generic transaction activity. The result: enthusiasm around USDC’s role in global payments remains strong—but the data trail is still blurry.
⚖️ Coinbase, BiT Global Settle wBTC Legal Dispute
Coinbase and BiT Global have ended their legal standoff over Coinbase’s delisting of wrapped Bitcoin (wBTC).
The two firms filed a joint dismissal with prejudice, closing the case permanently with no financial settlement disclosed. Each side will bear its own legal expenses.
BiT Global had accused Coinbase of harming wBTC’s liquidity in favor of its in-house alternative, cbBTC, while Coinbase cited reputational risks tied to wBTC’s association with Justin Sun.
🚀 Gemini Preps IPO in Wake of Circle’s Success
Crypto exchange Gemini, led by the Winklevoss twins, has confidentially filed for an IPO with the U.S. SEC. The firm has retained Goldman Sachs and Citigroup as lead advisors.
While details on pricing and valuation remain undisclosed, the move positions Gemini as the next major player to test public equity markets, following Circle’s strong Wall Street debut.
📈 Market Snapshot – 7:00 AM HKT
- BTC: $105,600.30 — Range-bound after miner inflows spike; eyes $107K resistance.
- ETH: $2,534.12 — Stabilized above $2,500; ETH ETF inflows near $5B.
- Gold: $3,314.92 — Edges lower, still supported by dovish U.S. economic data.
- Nikkei 225: 37,741.61 (+0.50%) — Positive open continues week’s upward trend.
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