Strategy CEO Michael Saylor shares his perspective on quantum computing's impact on Bitcoin. While concerns loom over the cryptocurrency's security, Saylor remains unfazed by the potential threats.
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.
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.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
DISCLAIMER
This article is for informational purposes only and should not be considered as investment advice. Trading cryptocurrencies involves risks, and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and cannot be held liable, directly or indirectly, for any damage or loss caused by the use of any product or service featured in this article. Investments in crypto assets are inherently risky; readers should conduct their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
Risk Warning : Trading financial instruments and/or cryptocurrencies carries a high level of risk, including the possibility of losing all or part of your investment. It may not be suitable for all investors. Cryptocurrency prices are highly volatile and can be influenced by external factors such as financial, regulatory, or political events. Margin trading increases financial risks.
CFDs (Contracts for Difference) are complex instruments with a high risk of rapid capital loss due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should assess whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Before engaging in financial or cryptocurrency trading, you must be fully informed about the associated risks and fees, carefully evaluate your investment objectives, level of experience, and risk tolerance, and seek professional advice if needed. InvestX.fr and the InvestX application may provide general market commentary, which does not constitute investment advice and should not be interpreted as such. Please consult an independent financial advisor for any investment-related questions. InvestX.fr disclaims any liability for errors, misinvestments, inaccuracies, or omissions and does not guarantee the accuracy or completeness of the information, texts, graphics, links, or other materials provided.
Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
