Anxiety of quantum risk to Bitcoin is weighing on its price: Execs

Cointelegraph
BTC1,03%

The response from Bitcoin developers on the risk of quantum computing to the cryptocurrency is weighing down its price and affecting capital flow, crypto industry executives have argued.

Adam Back, a cypherpunk and the co-founder of Bitcoin infrastructure company Blockstream, argued in a series of X posts on Thursday that it is good for Bitcoin (BTC) to be “quantum ready,” but it won’t be a threat for the next few decades, as the technology is still “ridiculously early,” and has research and development issues.

He predicts there will be no risks in the next ten years, and even if some parts of Bitcoin’s encryption were broken, it does not rely on encryption as a core security model and “it’s not going to result in Bitcoin being stolen on the network.”

_Source: _Adam Back

Quantum computing continues to be debated as a potential threat to the crypto industry, as more advanced computers that could break encryption have been theorized as having the capability to reveal user keys and expose sensitive data.

Investors concerned about quantum risk

Nic Carter, a partner at venture capital firm Castle Island Ventures, said in response to Back that it’s “extremely bearish” that many influential developers “flatly deny that there’s any quantum risk.”

“The discrepancy between capital and developers on this issue is massive. Capital is concerned and looking for a solution. Devs are mainly in complete denial. Inability to even acknowledge quantum risk is already weighing on the price.”

Craig Warmke, a fellow at the Bitcoin Policy Institute, agreed, adding that quantum risk is slowing the flow of capital into Bitcoin and pushing larger holders to diversify.

“When non-technical people express concerns, they sometimes use technically incorrect language,” he said, adding it was “frustrating to see technical people dismiss concerns” rather than address the topic of “reduced holdings from perceived quantum risk.”

_Source: _Craig Warmke

Contingency plans should be in place

Along with the technology being years away from being a threat, critics also argue that banking giants and other traditional targets will be cracked long before Bitcoin.

**Related: **__Bitcoiners push for quantum-resistant BIP-360 upgrade as debate heats up

Carter maintains that companies and even countries are raising significant funds to build quantum computers, and artificial intelligence is helping accelerate the development.

Meanwhile, Warmke said the best way forward, whether or not the risk is real, is to convince people the risk is near zero and help provide contingency plans in case it’s not.

“The only way forward is to develop and converge on contingency plans, just in case, so that people feel more comfortable holding Bitcoin,” he added.

**Magazine: **__Big questions: Would Bitcoin survive a 10-year power outage?

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Related Articles

爱尔兰犯罪资产局「破解」没收500枚BTC,价值逾3500万美元

爱尔兰犯罪资产局成功破解了与毒贩Clifton Collins相关的比特币钱包,没收500枚价值3500万美元的BTC。这些比特币因私钥丢失而沉寂近10年,Collins在2011年至2012年间用贩毒所得购买了约6000枚BTC,目前共有约5500枚BTC待破解。

BlockBeatNews1m ago

爱尔兰执法部门破解已定罪毒贩比特币钱包,没收500枚BTC价值3500万美元

爱尔兰犯罪资产局成功破解一个被认为私钥丢失的比特币钱包,没收500枚BTC,价值超3500万美元。该钱包属于已定罪毒贩Clifton Collins,存有约6000枚BTC。Collins的私钥在2017年被误丢弃,目前他名下还有多个钱包待破解。

GateNews6m ago

不丹再转移3700万美元比特币,主权资金连续抛售引发市场警惕

不丹政府近期再次转移约519.7枚比特币,价值接近3700万美元,流向两个钱包,其中一个与QCP Capital有关。转移后,不丹仍持有约4453枚比特币。该国曾借水力资源挖矿,目前市场猜测其挖矿活动可能放缓。比特币当前维持在71000美元附近,市场对资金动向与流动性变化敏感,可能影响短期走势。

GateNews17m ago

丢失私钥竟被破解?爱尔兰查获500枚比特币,沉睡资金重现链上

爱尔兰警方在欧洲刑警组织支持下成功获取并查获一只与毒贩Clifton Collins有关的比特币钱包,内含500枚比特币,价值超3500万美元。此钱包由于私钥丢失曾被视为无法访问,调查显示Collins在2011-2012年通过非法收益购入了约6000枚比特币。此次行动凸显执法机构在区块链追踪能力的提升,同时提醒市场加密资产尽管安全,但在特定情况下仍可能被激活。

GateNews19m ago

Bitcoin ETFs Defy Crash: $2.5B Inflows Shock the Market

_Bitcoin ETFs see $2.5B monthly inflows as IBIT ranks top 2% and BTC holds steady despite a 40% six month decline._ Bitcoin ETFs Defy Crash: $2.5B Inflows Shock the Market as investors continue to allocate capital despite recent price declines. Data shows steady inflows and renewed activity

LiveBTCNews21m ago
Comment
0/400
No comments