Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole, warns that Bitcoin may dip significantly below $50,000 if it isn’t quantum-resistant by 2028.
The potential threat of quantum computing to the crypto industry has been a topic of ongoing debate, seen as a critical inflection point. More advanced computers could theoretically break encryption, potentially revealing user keys and exposing sensitive data and funds to malicious actors.
While many believe this deadline is still years away, Edwards predicts that it could arrive as soon as 2028, warning that if the industry fails to act swiftly, Bitcoin’s (BTC) value could tumble.
“I’m beginning to think we might need a significant bear market to eliminate those who underestimate the quantum threat to Bitcoin and push the maxis to upgrade the network,” he stated.
“If we don’t implement a solution by 2028, I foresee Bitcoin dropping below $50K and continuing to decline until a fix is in place.”
Quantum patch rollout must happen by 2026
Some critics believe that the risk posed by quantum computers is exaggerated, arguing that the technology is still decades away, and that banking giants and other conventional targets will be compromised long before Bitcoin.
Edwards, however, has consistently maintained that this threat is more immediate, asserting that Bitcoin will be “the first target in the quantum assault” as many banks and institutions transition to post-quantum encryption, where fraudulent activities can be reversed or blocked.
“We need to resolve this next year, or prepare for the most significant Bitcoin bear market in history. FTX will seem like a minor inconvenience,” Edwards remarked.
Bitcoin veteran Willy Woo suggested last month that one way to safeguard Bitcoin against the quantum threat is to store it in a SegWit wallet for approximately seven years.
Meanwhile, in July, Bitcoin advocate Michael Saylor dismissed concerns about quantum computing’s effects on Bitcoin, labeling it a marketing tactic to promote quantum-themed tokens.
Magazine: Big questions: Would Bitcoin survive a 10-year power outage?
