The Death of Bitcoin Due to Quantum Computing

One of the commonly cited major threats is the rise of quantum computing. Nic Carter, General Partner at Castle Island Ventures, concisely responded

One of the commonly cited major threats is the rise of quantum computing.

General Partner at Castle Island Ventures, Nic Carter, concisely responded to Lyn Alden, founder of Lyn Alden Investment, question about the biggest structural risk for Bitcoin in the next 5-10 years: “quantum computing.”

I increasingly agree.That was the catalyst for my thread/question, tbh.

In fact, future quantum computers could break the encryption algorithms securing Bitcoin, like Elliptic Curve Digital Signature Algorithm (ECDSA) that protects Bitcoin wallets. If an attacker manages to get control of a sufficiently powerful quantum computer, it could falsify digital signatures, enabling the theft of BTC from any wallet with an exposed public key.

According to River’s research, a quantum computer with 1 million qubits would be needed to falsify a Bitcoin address. And Microsoft claims that its new Majorana chip is putting us on the path towards this crucial milestone.

This raises an urgent question: how long does BTC have to become quantum-resistant?

The Battle Between Bitcoin’s Decentralization and Regulation

Some investors believe that the increasing involvement of governments and institutions may become the biggest risk for Bitcoin in the next 5-10 years. As highlighted by investor MisterSpread, “the biggest structural risk is the friction between Bitcoin’s decentralized ethos and the growing push towards centralized regulatory oversight.”

Indeed, data from BitcoinTreasuries shows that over the past five years, BTC holdings of private companies, public companies, governments, and ETFs have surged over 12 times, rising from 210,000 BTC to over 2.6 million BTC. This increased involvement of institutions could lead to legal pressures or unwanted changes to Bitcoin network fundamentals.

I estimate that $140K is where the remaining Bitcoiners & retail sell all their BTC. The ultimate irony is that after a decade of hodling, the Bitcoiners will have no Bitcoin. Billionaires will own it all & it will go to unimaginable prices. Will be sad to watch.

Bitcoin is a store of value, a safe haven for retail investors. However, the recent months have seen a massive accumulation by institutions and significant sales from individual investors:

“I estimate all the remaining Bitcoiners and individuals will sell their BTC at $140,000. The irony is that after a decade of holding, the Bitcoiners will have no more BTC The billionaires will own them all, and their price will reach incredible levels. It will be sad to see.” wrote expert Aimass on X.

This phenomenon could harm Bitcoin in the long term. Moreover, the BTC mining sector is facing a similar fate. Only large-scale infrastructures capable of withstanding low income and competition can survive.

In conclusion, as BTC continues to evolve, industry leaders warn that quantum computing and increasing regulatory surveillance could threaten its security and decentralized nature. Experts emphasize the urgency of implementing quantum-resistant measures before a potential “black swan” disrupts the networ. The challenge will be to quickly reach a consensus within the Bitcoin community to adopt these solutions in time. Decentralization is also questioned, with the massive accumulation by large institutions.