Charles Edwards warns of a looming quantum threat to Bitcoin, while analysts eye a potential surge to $150,000. Is Bitcoin ready for the quantum era?
Bitcoin, Quantum Break, Charles Edwards – these are the keywords dominating the crypto conversation right now. Edwards, founder of Capriole Investments, is raising alarms about a potential 'Q-Day' where quantum computing could shatter Bitcoin's cryptography, while others are predicting a surge to $150,000 by year-end. Let's dive in.
The Quantum Threat: A Ticking Clock for Bitcoin?
Charles Edwards isn't mincing words. He believes a quantum computer could break Bitcoin's encryption within two to eight years. That's not decades away; it's right around the corner. He delivered this warning at TOKEN2049 in Singapore, urging swift action. The threat? A quantum computer powerful enough to crack the elliptic-curve cryptography (ECC) that secures Bitcoin's public-private key model.
Edwards dismisses the common belief that quantum attacks are a distant concern. He points to readily available quantum computing power via AWS, Google, and Azure. He cites a 2017 paper suggesting that only 2,300 logical qubits are needed to break Bitcoin's ECC, and emphasizes the $55 billion already invested in the “quantum arms race”.
What's at Stake? Dormant Wallets and Satoshi's Coins
The risks are real. If private keys can be derived from exposed public keys, coins in those addresses become vulnerable. This includes long-dormant
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