MicroStrategy Executive Chairman Michael Saylor has downplayed concerns regarding quantum computing posing an immediate risk to Bitcoin’s security. He characterized such warnings as largely marketing tactics, emphasizing the cryptocurrency network’s inherent adaptability.
Saylor argued that even if quantum computing technology capable of breaking Bitcoin’s cryptography were developed, it would likely remain classified due to its catastrophic potential. He stressed that Bitcoin’s hardware and software can be upgraded to counter future quantum threats, similar to how major technology companies routinely update their systems.
Current quantum computers, including IBM’s Heron chip and Google’s Willow processor, were noted as lacking the necessary computational power. Experts estimate breaking Bitcoin’s 256-bit elliptic curve cryptography requires around 2,000 logical qubits with error correction, a threshold far beyond existing capabilities.
While acknowledging long-term considerations, Saylor pointed to initiatives like Project Eleven’s ‘Q-Day Prize’ competition. This aims to test Bitcoin’s quantum resilience and accelerate the development of quantum-resistant cryptographic solutions.
Saylor further contextualized the risk, comparing potential quantum attacks to traditional cyber threats. He stated that phishing scams and hacking incidents represent more immediate and prevalent dangers for Bitcoin users than the prospect of a quantum breach.