Michael Saylor on Quantum Computing and Bitcoin
In an engaging discussion with CNBC, Michael Saylor, the founder of Strategy, expressed confidence regarding the impact of quantum computing on Bitcoin, suggesting that any potential risks can be mitigated through software enhancements in the Bitcoin protocol. Saylor dismissed concerns about quantum threats as a mere marketing ploy from those eager to promote new crypto tokens purportedly designed to combat such advancements.
Major Tech Companies and Quantum Risks
He asserted that major tech companies like Google and Microsoft wouldn’t develop quantum computers capable of breaking contemporary encryption, as this would pose serious risks to their own operational stability, as well as that of the US government and the banking sector.
Initiatives to Strengthen Bitcoin
Currently, several initiatives are underway to explore ways to bolster Bitcoin’s proof of work (PoW) against quantum computing vulnerabilities. Startups like BTQ are innovating quantum-resistant encryption technologies, while a Bitcoin developer has proposed a Bitcoin Improvement Proposal (BIP) advocating for a transition to quantum-safe wallet addresses through a hard fork.
Ongoing Commitment to Security
Saylor highlighted that the Bitcoin software is routinely updated every year, ensuring its resilience, and he underscored his belief that phishing scams represent a much graver threat than quantum computing. In his closing remarks, he reiterated the ongoing commitment to enhancing the protocol and addressing security vulnerabilities in a timely manner.
Differing Perspectives on Quantum Threats
However, not all experts share Saylor’s optimism. A report from Presto Research highlighted significant gaps in the crypto sector’s preparedness for the anticipated risks posed by quantum computing. Dive into this ongoing dialogue to understand the variances in perspectives within the industry regarding the future of Bitcoin in a quantum-enhanced world.
