Michael Saylor Predicts Quantum Computing Will Make Bitcoin Stronger And Scarcer ⋆ ZyCrypto

As the debate for Bitcoin’s long-term survival in the face of rising quantum computing threats rages on, Strategy founder Michael Saylor has weighed in. Saylor argues that quantum computing will not break Bitcoin, adding that the rising threat will only force the network to upgrade its capabilities.

Quantum Computing Is No Threat to Bitcoin, Says Saylor

Michael Saylor, founder of Strategy (formerly MicroStrategy), has downplayed the risks posed by quantum computing to Bitcoin. According to Saylor, quantum computing will “harden” Bitcoin, necessitating a network upgrade to enhance its security architecture.

Saylor disclosed his position in an X post, noting that improvements in quantum computing are merely a stress test for Bitcoin, not an existential threat. He argued that at the earliest sign of a red flag, active coins will migrate to quantum-resistant addresses, while inactive bitcoins will be permanently frozen.

The Strategy founder noted that permanently frozen Bitcoins will reduce the effective supply of the asset, potentially increasing its market valuation. Meanwhile, Saylor expects cryptography to harden in response to the quantum computing threats expected in the coming years.

“Quantum computing won’t break Bitcoin. It will harden it,” said Saylor. “The network upgrades, active coins migrate, and lost coins stay frozen. Security goes up. Supply comes down. Bitcoin grows stronger.”

Conversations about Bitcoin’s long-term future have grown louder in recent months, driven by the breakneck pace of quantum computing innovation. Google and IBM have reached impressive milestones in their quest for fully general-purpose quantum computers with 10-year roadmaps predicting seismic progress.

There is a consensus that a powerful, fault-tolerant quantum computer running Shor’s algorithm may obtain a private key from a public key, effectively cracking Bitcoin’s signature. 

Opinion Remains Split Among Industry Participants

While Saylor minimizes the threat of quantum computing, several key players are raising eyebrows at the speed of innovation. Venture capitalist Chamath Palihapitiya issued a grim warning that quantum computing will crack Bitcoin before the end of the decade, noting that the earliest signs will appear within two years.

Solana founder Anatoly Yakovenko placed the odds of quantum computing breaking Bitcoin’s cryptography at 50% by 2030. Yakovenko urged developers to pursue mainstream migration to a quantum-resistant signature scheme to remain ahead of the curve.

Meanwhile, Adam Back and Elon Musk have argued that it will take 20-40 years for quantum computing to pose any significant risk to Bitcoin. However, Bitcoin developers have since taken a preemptive stance to prepare for quantum computing threats, drafting Bitcoin Improvement Proposals (BIPs) and experimenting with NIST-standard quantum-resistant algorithms.