The Rise of Quantum Computers Doesn’t Shake Bitcoin
While the advancements in quantum computers raise concerns about the security of cryptocurrencies, Michael Saylor, CEO of Strategy and a staunch advocate of Bitcoin, claims that these worries are greatly exaggerated. According to him, BTC is even one of the most secure systems against this emerging threat.
Mr. Saylor believes that the focus on quantum computers is mainly a marketing strategy by those looking to sell new products related to this technology. He argues that it is 10,000 times more likely to lose your BTC due to a phishing attack or poor security practices rather than a hypothetical quantum hack.
A Distant Threat to BTC
Research by the Project Eleven project shows that more than 2,000 error-correcting qubits would be needed to break a complete elliptic encryption key. However, the most advanced quantum chips to date have only 156 for IBM and 105 for Google respectively. The threat of quantum computers to Bitcoin seems still distant.
Even if this threat were to materialize one day, Michael Saylor remains confident. He believes that the Bitcoin network could be updated with post-quantum encryption algorithms, as has been done in the past to tackle other technical problems. “Bitcoin is the hardest system to hack in the universe,” he asserts.
In summary, although the progress of quantum computers raises questions, Michael Saylor believes that BTC will adapt and also confront this potential threat with its flexibility and unparalleled security.
