Bitcoin’s price soared on Monday due to increased crypto exchange volume, with a daily increase of +3% and a weekly jump of +10%. The rise in BTC’s price coincided with President-elect Donald Trump’s announcement that his administration plans to establish a strategic Bitcoin reserve. “We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump said.
However, advances in ultra-fast quantum computing could potentially disrupt the blockchain paradigm, possibly impacting Bitcoin’s market cap, which currently stands at over $2 trillion. Alphabet Inc., Google’s parent company, has been working on quantum computing chips like Willow, which can solve problems much faster than conventional GPUs.
While quantum computing has the potential to crack Bitcoin’s security, current calculations show that even with immense computing power, cracking the 256-bit public key encryption used by Bitcoin remains highly unlikely.
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