Charles Edwards, the founder of quantitative Bitcoin and digital asset fund Capriole, warns that Bitcoin could go well below $50,000 if it is not quantum-proof by 2028.
The potential threat of quantum computing to the crypto industry has long been discussed and is considered an upcoming turning point. More advanced computers that could break encryption are believed to have the ability to reveal user keys and expose sensitive data and user funds to bad actors.
The deadline is generally considered to be years away; however, in an X-post on Wednesday, Edwards predicts it could be as early as 2028, and if the sector doesn’t move fast enough, the price of Bitcoin (BTC) could fall.
“I’m starting to think we just need a massive bear market to flush out the idiots who think the Quantum threat to Bitcoin is a joke, and to encourage the maxis to take action to upgrade the network,” he said.
“If we don’t have a solution implemented by 2028, I expect Bitcoin to cost less than $50,000 and continue to decline until there is a solution.”
The rollout of the quantum patch should take place in 2026
Critics argue that the threat posed by quantum computing is overstated because the technology is still decades away from becoming viable, and banking giants and other traditional targets will be threatened. cracked long before Bitcoin.
However, Edwards still has a long time argued the threat is more imminent and that Bitcoin will be “first on the quantum chopping block” because most banks and institutions are already migrating to post-quantum encryption and fraudulent transactions can be reversed or blocked.
“We need to fix this next year or we can enjoy the biggest Bitcoin bear market in history. FTX will look like a cakewalk,” Edwards added.
Bitcoin OG Willy Woo suggested last month that one way to keep your Bitcoin safe until there is a solution to the quantum Bitcoin threat is to keep Bitcoin in a SegWit wallet for about seven years.
Meanwhile, Bitcoin bull Michael Saylor in July downplayed concerns about the impact of quantum computing on Bitcoin, calling it a marketing ploy to pump out quantum-branded tokens.
Magazine: Big Questions: Would Bitcoin Survive a Ten-Year Power Outage?
#Bitcoin #fall #quantum #issue #solved #Capriole