Anxiety of quantum risk to Bitcoin is weighing on its price: Execs
Cypherpunk Adam Back dismissed concerns that quantum computing poses a threat to Bitcoin, arguing the technology is still “ridiculously early.”
The response from Bitcoin developers on the risk of quantum computing to the cryptocurrency is weighing down its price and affecting capital flow, crypto industry executives have argued.
Adam Back, a cypherpunk the and co-founder of Bitcoin infrastructure company Blockstream argued in a series of X posts on Thursday that it is good for Bitcoin (BTC) to be “quantum ready,” but it won’t be a threat for the next few decades, as the technology is still “ridiculously early,” and has research and development issues.
He predicts there will be no risks in the next ten years and even if some parts of Bitcoin’s encryption were broken, it does not rely on encryption for its core security model and “it’s not going to result in Bitcoin being stolen on the network.”
