Merryn Talks Money From Q-Day to Mars: The Market Shocks That Could Define the Year Ahead
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Jan 5, 2026 John Hardy, Global Head of Macro Strategy at Saxo Bank, dives into futuristic yet plausible market shocks. He discusses the potential threats of a quantum computing breakthrough on encryption, leading to crypto chaos and bank runs. The duo explores the burgeoning space economy, including a possible SpaceX IPO and the idea of lunar real estate, and the societal shifts driven by GLP-1 drugs. Throw in some clever banter about AI risks and a golden yuan challenging dollar dominance, and you've got an intriguing look at the year ahead.
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Quantum Breakthrough Could Shatter Trust
- Q-Day is the hypothetical moment quantum computers can break current encryption, triggering fear and systemic instability.
- John Hardy warns the panic from the breakthrough could cause bank-run behaviour and a rush into hard assets like gold.
Crypto's Security Is A Single Point Of Failure
- Bitcoin and many crypto assets rely on existing cryptography and would be highly vulnerable to Q-Day.
- Hardy argues the shock could cause exchanges to freeze withdrawals and crypto values to collapse toward zero.
Fear, Not Just Hacking, Will Drive The Fallout
- The disruptive effect of Q-Day may come more from panic than actual targeted attacks.
- Officials would mobilize emergency responses, but fear alone could trigger financial stress and runs.
