Industry executives assert that the apprehensions surrounding quantum computing risks posed by Bitcoin developers are impacting its price and capital flow.
Adam Back, a cypherpunk and co-founder of Bitcoin infrastructure firm Blockstream, noted in a series of posts on X that while it’s beneficial for Bitcoin (BTC) to be “quantum ready,” the technology remains “ridiculously early,” and isn’t likely to pose threats for several decades due to existing research and development challenges.
He believes there will be no risks in the upcoming ten years, asserting that even if parts of Bitcoin’s encryption fail, the core security model does not depend solely on encryption, meaning “it’s not going to lead to Bitcoin theft on the network.”
The debate continues on whether quantum computing poses a genuine threat to the crypto sector, as theorized more advanced computers may have the potential to expose user keys and sensitive information.
Investors troubled by quantum uncertainty
Nic Carter, a partner at Castle Island Ventures, stated in response to Back that it is quite “bearish” to see many key developers “completely deny any quantum risk.”
“The gap between capital and developers on this matter is substantial. Investors are worried and searching for solutions, while developers seem largely dismissive of the risk. This inability to recognize quantum threats is already influencing the price.”
Craig Warmke, a fellow at the Bitcoin Policy Institute, concurred, noting that concerns about quantum risk are curbing capital inflow into Bitcoin and pushing larger holders toward diversification.
“When non-technical individuals voice their worries, they occasionally use inaccurate terminology,” he remarked, adding that it’s “disheartening to see experts brush off these concerns” instead of addressing the issue of “decreased holdings due to perceived quantum risks.”
Need for contingency plans
Despite the technology being years away from potentially posing a threat, critics argue that traditional institutions are likely to be vulnerable long before Bitcoin.
Related: Bitcoiners advocate for quantum-resistant BIP-360 upgrade amid rising debate
Carter contends that both companies and nations are investing heavily to develop quantum computers, with artificial intelligence expediting this progress.
Meanwhile, Warmke emphasized that the path forward, regardless of the risk’s validity, is to reassure the public that the threat is negligible and develop contingency plans just in case it’s not.
“The key to moving forward is to create and agree upon contingency plans, assuring people feel more secure holding Bitcoin,” he added.
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