Quantum computing poses risks to crypto encryption systems that could expose user keys and sensitive data to malicious actors.
Bitcoin News
Charles Edwards, founder of quantitative Bitcoin (BTC) fund Capriole, warned Wednesday that Bitcoin could fall well under $50,000 if the network fails to develop quantum resistance by 2028. He posted on X that the industry needs to move quickly to address the emerging threat.
Edwards said a major bear market might be necessary to motivate network upgrades and eliminate those dismissing the quantum threat as insignificant. He expects Bitcoin will trade below $50,000 and continue falling until developers deploy a solution.
The Capriole founder emphasized the urgency of implementing a patch by 2026. He stated that without a fix next year, Bitcoin faces the biggest bear market in history that would make the FTX collapse look minor by comparison.
Quantum computing poses risks to crypto encryption systems that could expose user keys and sensitive data to malicious actors. More advanced computers theoretically possess capabilities to break current encryption standards, revealing funds to bad actors.
Critics argue the quantum computing threat remains overblown because the technology sits decades away from viability. They note that banking giants and traditional financial targets will face attacks long before Bitcoin becomes vulnerable.
Edwards countered this view by arguing Bitcoin will be first on the quantum chopping block. He explained that banks and institutions are already migrating to post-quantum encryption standards, while fraudulent transactions in traditional finance can be reversed or blocked.
The cryptocurrency industry has debated quantum computing's potential impact for years, with most considering the deadline far into the future. Edwards' 2028 timeline represents a more immediate concern than many market participants acknowledge.
Bitcoin OG Willy Woo suggested last month that holding Bitcoin in a SegWit wallet for approximately seven years could protect funds until developers implement a quantum-resistant solution. Meanwhile, Bitcoin bull Michael Saylor downplayed quantum computing concerns in July, calling it a marketing ploy to promote quantum-branded tokens.
Edwards warned that starting a fix deployment now is critical for Bitcoin network security. The debate over quantum threats continues as the industry weighs development priorities against potential vulnerabilities in current encryption systems.
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