tl;dr
Michael Saylor, co-founder of Strategy and a prominent Bitcoin advocate, dismisses concerns that quantum computing poses a significant threat to Bitcoin’s cryptography. He argues that quantum computers are unlikely to be sold if they can break cryptography, as it would harm companies like Microsoft ...
Michael Saylor, co-founder of Strategy and a leading Bitcoin advocate, has dismissed concerns that quantum computing poses a significant threat to Bitcoin’s cryptography. He argues that quantum computers capable of breaking cryptography will unlikely be sold commercially, as this would damage major tech companies like Microsoft and Google. Saylor believes that practical quantum threats remain decades away and will primarily target more vulnerable systems, including major corporations and governments, before Bitcoin.
Despite recent advances in quantum computing, such as improved error correction and qubit stability, Saylor remains confident blockchain technology can be upgraded to resist quantum attacks when necessary. He pointed out that threats to Microsoft, Google, J.P. Morgan, and government systems are more imminent than those to Bitcoin, suggesting that the cryptocurrency’s cryptographic safeguards are comparatively stronger.
In addition, Saylor highlighted phishing scams as a far more pressing risk to Bitcoin holders than quantum computing. He cautioned that cybercriminals might exploit quantum fear to deceive users into fraudulent upgrades and steal their holdings. Saylor dismisses quantum computing fears as “quantum FUD” and emphasizes that hacking traditional digital assets like bank accounts or cloud services would likely precede any quantum cryptographic breach of Bitcoin.
Meanwhile, the broader community is preparing for a future quantum era. Projects like Project 11 have even launched bounties to incentivize breakthroughs in quantum cryptanalysis of Bitcoin’s elliptic curve cryptography. Nevertheless, Saylor remains unruffled, confident in Bitcoin’s adaptability and the transparency in the looming quantum threat timeline.
On a strategic front, Strategy has pioneered the Bitcoin treasury model by accumulating nearly $64 billion worth of Bitcoin since 2020, influencing other firms to follow suit. Despite optimism from Saylor, the World Economic Forum has classified quantum computing as a potential global risk, noting its capacity to decrypt today’s sensitive encrypted data and alter computing power dynamics. As this technological race gains pace, the dialogue on quantum computing’s real impact on crypto continues to evolve.