Charles Edwards, the founder of the quantitative Bitcoin and digital asset fund Capriole, warns that Bitcoin could fall significantly below $50,000 if it isn’t quantum-resistant by 2028.
The potential threat of quantum computing to the crypto sector has been a topic of discussion for years and is viewed as an emerging critical turning point. Advanced computers capable of breaking encryption could potentially expose user keys, sensitive data, and funds to malicious actors.
The industry generally perceives the deadline as being years away; however, in a post on X this Wednesday, Edwards predicts it could arrive as early as 2028. If the industry doesn’t act swiftly, Bitcoin’s (BTC) price could dramatically decline.
“I’m starting to think we might need a significant bear market to eliminate those who believe the Quantum threat to Bitcoin is a joke and to encourage the maxis to take action to upgrade the network,” he remarked.
“If we haven’t deployed a fix by 2028, I expect Bitcoin will be below $50K and will continue to drop until it’s addressed.”
Quantum patch implementation needed by 2026
Critics contend that the danger from quantum computers is exaggerated, as the technology remains decades away from being practical; banking giants and other traditional targets are likely to be compromised long before Bitcoin.
However, Edwards has consistently argued that the threat is more pressing and that Bitcoin will be “the first target in the quantum assault” since most banks and institutions are already moving towards post-quantum encryption and fraudulent transactions can be reversed or blocked.
“We must resolve this next year, or get ready for the largest Bitcoin bear market in history. The FTX situation will seem minor,” Edwards added.
Bitcoin veteran Willy Woo suggested last month that to keep your Bitcoin safe until a solution is reached regarding the quantum threat, one should hold Bitcoin in a SegWit wallet for about seven years.
Meanwhile, in July, Bitcoin advocate Michael Saylor minimized fears about quantum computing’s effects on Bitcoin, labeling it a marketing strategy to promote quantum-branded tokens.
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