Michael Saylor, the chairman of Strategy, recently downplayed the threat of quantum computing to Bitcoin in an interview with CNBC. He believes it’s mainly a marketing ploy by those who want to sell quantum – related tokens. Here are his main arguments:
Tech Companies’ Interest in Protecting Cryptography: Google and Microsoft won’t sell computers that can crack modern cryptography because it would harm their own interests, as well as those of the US government and the banking system.
Bitcoin Protocol’s Upgradability: The Bitcoin protocol can be upgraded through software when quantum computing threats become imminent. The Bitcoin community is already prepared, with some proposals suggesting upgrades to make the proof – of – work mechanism quantum – resistant and to migrate wallet addresses to quantum – secure ones.
Exaggeration of Threat for Marketing Purposes: The idea that quantum computers could soon undermine Bitcoin’s cryptographic foundations is overblown. It’s used to promote speculative quantum – resistant tokens. Saylor also said that the probability of losing Bitcoin to a phishing attack is 10,000 times higher than to quantum computing.
However, not everyone agrees with Saylor. A recent report by Presto Research indicates that the crypto industry is “unprepared” for the approaching quantum threat.
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