The Wall Street Journal (WSJ) has recently reignited discussions on the threat of quantum computing to Bitcoin's security, calling it an 'invisible bomb.' With advancements in quantum computing technology, this threat could change the future of cryptocurrency and the blockchain industry within a decade, drawing significant industry attention.
WSJ reignites concerns over quantum hackers
In a recent report, The Wall Street Journal focuses on the potential threat quantum computing poses to the security of Bitcoin (BTC), calling it an 'invisible bomb that could explode at any moment.' The article mentions that quantum computing technology could disrupt Bitcoin's cryptographic framework and even threaten the entire blockchain ecosystem.
The report notes that with Google launching its Willow quantum computing chip on December 9, the topic has heated up again. Theoretically, a powerful quantum computer could crack Bitcoin's private key in minutes, rendering Bitcoin's security mechanism instantly ineffective.
Potential economic impact could exceed $3 trillion
According to a 2022 study published by the Hudson Institute think tank, quantum hackers could cause losses exceeding $3 trillion, which would not only affect the cryptocurrency market but could also trigger a global financial crisis.
Arthur Herman, a senior researcher at the Hudson Institute, stated, 'It's like an invisible bomb; once someone develops quantum hacking technology and targets cryptocurrency, the consequences could be unimaginable.' The WSJ report also noted that considering Bitcoin's market value once reached $2.1 trillion (with Bitcoin prices at $108,000), the actual potential impact could be even greater.
Primary target of quantum hackers: Bitcoin
In the report, Skip Sanzeri, co-founder of the quantum security company QuSecure, points out that Bitcoin, as a 'decentralized wild west,' faces extremely high risks. He states, 'Bitcoin will become the primary target for quantum hackers. Unlike traditional banks, Bitcoin lacks effective defensive mechanisms, and stolen wallets cannot be compensated.'
Additionally, the report mentions that approximately 1.72 million Bitcoins are stored in addresses with exposed public keys, making these assets a priority target for quantum hackers. This even includes the wallet of Bitcoin's creator, Satoshi Nakamoto.
Experts remain calm: There is still time to respond
Although the quantum threat is real, industry experts emphasize that there is no need for excessive panic. Emin Gün Sirer, founder of Avalanche, believes that the risk of quantum hackers remains manageable. He states, 'The threat of quantum computing does exist, but the time for it to cause real disaster is still far off, and we have enough time to prepare.'
Tech giant Meta also discussed the so-called 'quantum doomsday' threat in an episode of its Metatech Podcast. Meta's engineers believe that breakthroughs in quantum computing not only threaten blockchain but also pose challenges to all industries that rely on cryptographic technology.
Efforts to combat quantum threats
In response to this threat, engineers are working to develop post-quantum encryption technology. Meta states that by combining traditional algorithms with new technologies, they are developing encryption standards that can withstand quantum threats.
These efforts show that while quantum computing presents a real challenge to the blockchain industry, referring to Bitcoin as an 'invisible bomb' is not entirely accurate. As related technologies continue to evolve, the 'doomsday scenario' for the crypto industry may still be successfully averted.
Meta's experts concluded the discussion with an optimistic note, stating, 'Developing quantum defense technology is a daunting task, but we are fully capable of meeting this challenge.'
This article revisits the risks posed by Bitcoin quantum hackers, with experts referring to it as an 'invisible bomb.' It first appeared in Chain News ABMedia.
