The release of Google's quantum chip has sparked discussions about the security of cryptocurrencies, including potential threats to Bitcoin's encryption algorithm. Here are some factors to consider:

1. Potential Threat of Quantum Computing:

Quantum computers could theoretically perform calculations at extremely high speeds, which may pose challenges to current encryption algorithms, including the Elliptic Curve Digital Signature Algorithm (ECDSA) used by Bitcoin. Some studies suggest that if the number of qubits in a quantum computer is sufficient, it could theoretically break this encryption.

2. Current Reality:

Despite Google's release of the quantum chip 'Willow' and demonstrating significant progress, the quantum computing power needed to actually break Bitcoin's encryption far exceeds current technological levels. According to some analyses, breaking Bitcoin's encryption could require millions of qubits, while current quantum computers are far from reaching this scale.

3. Response from the Bitcoin Community:

The Bitcoin community has already been considering and researching quantum-resistant algorithms, such as Schnorr signatures and BIP340, to address future quantum threats. An upgrade to Bitcoin's encryption mechanisms may be necessary in the future to enhance its resistance to quantum computing.

4. The Uniqueness of Satoshi's Wallet:

Satoshi's wallet used an early Pay-To-Public-Key format, which may be more vulnerable to attacks than modern formats. Some have suggested freezing these Bitcoins to prevent potential quantum threats.

5. Current Views:

Discussions and articles on X indicate that the threat of quantum computing to Bitcoin is more theoretical than practical at this time. In the short term, Bitcoin's encryption remains secure, but in the long run, the community needs to continue monitoring developments in quantum computing.

Overall, while Google's breakthrough with its quantum chip may indicate potential future threats to cryptocurrencies, the current technological level and proactive measures from the Bitcoin community suggest that Satoshi's Bitcoin is unlikely to be cracked in the short term. However, in the long term, updating encryption algorithms to address quantum computing is a necessary step.