According to Deep Tide TechFlow, on December 10, The Block reported that Bernstein analyst Gautam Chhugani's latest research report pointed out that although Google has released its first quantum chip Willow, its 105 qubits computing power is still far from the millions of qubits needed to crack Bitcoin's ECDSA and SHA-256 algorithms.
The recent drop in Bitcoin below $100,000 is primarily due to excessive leverage rather than quantum computing threats. The firm maintains its 12-month target price for Bitcoin at $200,000, advising investors to 'buy the dip' in the $95,000-$98,000 range. The report emphasizes strong ETF demand, along with continued accumulation by institutions like MicroStrategy, MARA, and Riot, indicating an optimistic long-term outlook.
According to previous reports, Google CEO Sundar Pichai announced the new generation quantum computing chip Willow. Cryptocurrency venture capital expert Adam Cochran stated that this breakthrough shortens the timeline for the crypto industry to address quantum computing risks to less than 10 years.
