According to @StockMarketNerd, Bank of America estimates the quantum computing total addressable market in five years at about $4B, while IonQ’s ($IONQ) current market capitalization is about $20B. According to @StockMarketNerd, this implies a market-cap-to-TAM multiple near 5x today, and even under an $8B TAM scenario by 2030 the multiple would be roughly 2.5x, which the author characterizes as ridiculously priced. According to NIST, current public-key cryptosystems based on RSA and elliptic-curve cryptography are vulnerable to sufficiently large quantum computers, which is directly relevant to BTC and ETH security given their use of ECDSA, according to Bitcoin Core documentation and the Ethereum Yellow Paper.