Morning Dispatch Asia: Saylor Shrugs Off Quantum Threat Facing BTC

🌏 Asia Morning Briefing – Sept. 6, 2025

Saylor Shrugs Off Quantum Threat, Circle’s Payment Mystery, Gemini Eyes IPO

🧠 Michael Saylor: Bitcoin Will Upgrade to Outsmart Quantum Threat

Despite rising chatter about quantum computing’s potential to break traditional encryption, MicroStrategy Executive Chairman Michael Saylor downplayed the threat to Bitcoin in a recent CNBC interview, calling it overblown and largely marketing-driven.

“Bitcoin is software. It gets upgraded every year,” Saylor said. “Google and Microsoft aren’t going to sell something that destroys their own business—and the banking system along with it.”

Saylor’s remarks come after BlackRock labeled quantum computing a potential long-term risk to crypto, citing its ability to crack classical encryption. But Saylor argues that when the time comes, Bitcoin will adapt through a software upgrade—just like any modern tech platform.

Some developers aren’t waiting. A proposed Bitcoin Improvement Proposal (BIP) would hard fork the network to transition all wallets to quantum-resistant addresses. And startups like BTQ are working on hardware-based defenses for proof-of-work chains.

Still, not everyone agrees with Saylor. A Presto Research report recently warned the industry is “unprepared” for a post-quantum world.

“The bigger near-term risk,” Saylor added, “is phishing, not physics.”

With BTC holding above $104K, markets appear unfazed, focusing instead on technical trends and potential new highs.

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💵 Stablecoin Puzzle: Circle’s IPO Highlights Missing Payments Data

Following a blockbuster IPO that saw shares climb above $107, stablecoin issuer Circle (CRCL) has reignited debate about how much stablecoins are actually used for payments—versus trading and DeFi.

Circle’s USDC has a clear on-chain market cap: roughly $254 billion, according to CoinGecko. But payment usage remains a gray area.

A thread from Nic Carter (Castle Island Ventures) laid out the fragmented data:

• Visa & Allium (top-down estimate): $9T in annual stablecoin volume — but includes DeFi and exchange trades.
• Fireblocks (custodian): $232B in payments vs. $2.1T in trading — just ~10% of activity is non-trading.
• Artemis & Dragonfly (bottom-up study): $72.3B in payments across 20 providers — likely undercounting real use.

Circle’s IPO filings didn’t break out USDC’s payment flow data, offering only general volume figures—leaving analysts to debate just how widely stablecoins are used as cash substitutes.

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⚖️ Coinbase & BiT Global Settle Wrapped Bitcoin Lawsuit

BiT Global and Coinbase have officially ended their legal battle over the delisting of wrapped bitcoin (wBTC). A U.S. court filing shows the case was dismissed with prejudice, meaning it cannot be refiled, and both parties will bear their own legal costs.

BiT Global had alleged that the delisting damaged wBTC’s market position in favor of Coinbase’s own product (cbBTC), but no financial settlement was disclosed. Coinbase had cited “unacceptable risk” due to wBTC’s ties to Justin Sun.

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🚀 Gemini Files Confidential IPO as Crypto Firms Embrace Wall Street

Crypto exchange Gemini, founded by the Winklevoss twins, has confidentially filed for an IPO with the U.S. SEC, according to CoinDesk. The firm has engaged Goldman Sachs and Citigroup as advisors, though valuation and timing details remain undisclosed.

The move follows Circle’s NYSE debut and may signal increased institutional confidence in crypto-native firms entering public markets.

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📈 Market Snapshot (As of 7:00 AM HKT)

• BTC: $105,600.30 — Flat. Rebounded from dip; miner transfers suggest near-term volatility.
• ETH: $2,534.12 — Strong close. BlackRock ETH ETF AUM nears $5B, signaling growing institutional interest.
• Gold: $3,314.92 — Slightly lower, but heading for weekly gains on weak U.S. labor data.
• Nikkei 225: 37,741.61 (+0.50%) — Strong open as Japan’s benchmark extends gains from earlier sessions.

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