Although the cryptocurrency world has been shaken by the collapse of FTX, massive hacking attempts and harsh market corrections, industry veterans argue that the real danger is just on the horizon. Capriole Investments founder Charles Edwards stated that Bitcoin faces an existential threat and warned that quantum computers could destroy existing encryption defenses. Experts state that the future of the largest cryptocurrency, described as digital gold, depends on radical decisions to be taken in a technological race.
Quantum Threat and Digital Line of Defense
Charles Edwards stated that although he has witnessed many market cycles throughout his career, he has never been this worried about the future of Bitcoin. Reminding that past stock market bankruptcies or price crashes did not disrupt the basic structure of Bitcoin, Edwards emphasized that advances in quantum technology directly target cryptographic armor. The investor, who likened the current situation to defending with old military strategies against modern war techniques, claimed that Bitcoin could not survive without adapting to this technology.
The extent of the danger is not limited only to technical capacity; The indifference in the sector also fuels concerns. CryptoQuant founder Ki Young Ju stated that rather harsh and controversial measures such as “freezing old wallets” may need to be discussed in order to protect the network. However, the difficulty of reaching consensus on such critical protocol updates in a decentralized community risks leaving Bitcoin vulnerable in the event of a possible quantum attack.
Differences of Opinion and Time Race in the Industry
Not all market players share the same pessimism with Edwards and Ju. Names such as security expert Jameson Lopp argue that it is still very unlikely that quantum computers will be able to break Bitcoin’s encryption infrastructure. Although Lopp admits that this process should be closely monitored, he states that immediate panic is unwarranted and that preparation for the post-quantum era can be planned as a long-term evolution process.
A similar calm prevails on the corporate front. Reports published by Grayscale indicate that quantum computing will not have a significant negative impact on the markets until 2026. MicroStrategy founder Michael Saylor reassures investors by stating that, based on the general opinion of cyber security experts, a period of at least ten years is needed for a real threat to emerge. However, the pace of technological progress proves that this debate will not fall off the agenda of the cryptocurrency world for a long time.
