Concerns that quantum computers could one day break Bitcoin’s security are overstated, according to Michael Saylor, CEO of Strategy.
Speaking on CNBC’s Squawk Box on June 6, Saylor said these warnings are mainly used to promote so-called quantum-themed cryptocurrencies.
According to him, the threat is more about marketing than real risk.
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He explained that if a large tech company were to develop a working quantum computer, it would not make it available to the public. Doing so could harm major businesses and even governments. Saylor stated:
Google and Microsoft aren’t going to sell you a computer that cracks modern cryptography because it would destroy Google and Microsoft and the US Government and the banking system.
If the time came when quantum technology could actually threaten Bitcoin
$109,116.26
, Saylor said the network would adapt. He believes developers and hardware producers would work together to upgrade both the software and hardware used in the system.
Saylor also pointed out that most users are far more likely to lose their Bitcoin in other ways. Phishing scams and stolen passwords are much more common and immediate threats than quantum attacks. He claimed the chances of falling victim to online scams are “10,000 times” greater than being affected by quantum computing.
He also noted that Bitcoin’s network is harder to break into than other systems people rely on daily. In his opinion, attackers would likely target email accounts, banks, and tech services first, since those are easier to compromise.
Recent research from Google suggests that quantum computers may require 20 times fewer qubits to break RSA encryption. What did researcher Craig Gidney say about it? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
