A Quantum Computer Could Crash Bitcoin – But Not the Way You Think

[Crytononame]

A quantum computer can determine the secret keys of any Bitcoin wallet if it has access to a public key. This isn't necessarily a problem, since the entire transaction history is public. It's hard to imagine Microsoft or Google allowing their quantum power to be used for hacking. But the real problem is something else.

The arrival of quantum computers will change Bitcoin’s risk profile. The emergence of a quantum computer will increase regulatory risk. This regulatory risk means the SEC may act proactively, forcing Bitcoin ETFs to shut down. Prices drop. MicroStrategy’s stock tumbles.

Currently, Bitcoin ETFs hold over 890,000 BTC, while MicroStrategy owns 226,331 BTC. When the funds close, there will be a forced sell-off, putting further downward pressure on the market, sending the price spiraling downwards.

The SEC will not wait for real attacks to happen. For them, the mere threat of a quantum hack will be enough for them to step in and shut down these funds.

That’s why the launch of a quantum computer could crash Bitcoin — not because of hackers, but because regulators will play it safe.

 

[moonshine7000]

Quantum computers are vapourwave nothing to worry about.They worked on quantum computers for decades now and it never bare fruit.If a there is a practical quantum computer all cryptography that secure the internet is in danger not only bitcoin.

 

[WAndreas]

A quantum computer can determine the secret keys of any Bitcoin wallet if it has access to a public key.

Or maybe he'll start mining and create a glut in the cryptocurrency market?

 

[chrisgreen]

The SEC acting proactively in investors interest......................

Like the way they've sorted regulation for the whole crypto market.

Wouldn't worry about the SEC regulating anything unless it's in their interest.

 

[jidata]

With the amount of computing power quantum computers can produce it would make more sense to use that hashpower for mining.

 

[davids355]

Do you mean a quantum computer *could* crack any private key, rather than it *can* (implying that it’s already possible)? Because I don’t think it is possible currently.

 

[RichMedusa]

Maybe it can become a real concern in the future, for now we are not so sure about the real capacities of a quantum computer, too early to affect BTC price on this end of cycle.

 

[ThatOneDaddy]

Good luck coming up with the question that needs to be asked from the quantum comp. to get the wanted result there's the real issue.

 

[Crytononame]

Or maybe he'll start mining and create a glut in the cryptocurrency market?

Never even thought about that. What happens if they create a quantum ASIC?

Quantum computers are vapourwave nothing to worry about.They worked on quantum computers for decades now and it never bare fruit.If a there is a practical quantum computer all cryptography that secure the internet is in danger not only bitcoin.

You're right, all cryptography is definitely at risk. But the key difference is that traditional encryption is backed by law; doesn't matter how you crack it, you'll get punished. Crypto, though, is still a wild west. A quantum hack on crypto might not even be seen as a crime in that gray zone. Regulators won't jump to defend it like they would banks or other systems. In fact, some countries, like China, would probably cheer if quantum computers crashed the crypto market.

Do you mean a quantum computer *could* crack any private key, rather than it *can* (implying that it’s already possible)? Because I don’t think it is possible currently.

You're right, there's no actual proof right now that quantum computers can crack crypto wallets.