$BTC

As of December 28, 2024, here are the latest developments in the world of Bitcoin:

Quantum Computing Threats

Google has unveiled its new quantum chip, Willow, capable of solving complex computational problems in minutes—a task that would take traditional computers billions of years. This advancement poses potential risks to the security of cryptocurrencies like Bitcoin, which rely on complex encryption systems. Although current quantum computers are not yet capable of breaking Bitcoin's encryption, the industry is exploring quantum-resistant systems to safeguard against future threats.

Wall Street's Involvement

Bitcoin's significant rise in 2024 has led major Wall Street banks, including Barclays, Citigroup, Goldman Sachs, and JPMorgan, to participate in cryptocurrency-related capital raising. This marks a shift from their previous cautious stance, driven by substantial fees and a more crypto-friendly regulatory environment under the current administration.

Scam Alert

A recent incident involved a 59-year-old woman who was scammed out of $2,000 after being deceived into believing she faced arrest for missing a jury duty subpoena. The scammer convinced her to pay the amount in Bitcoin to avoid arrest. Authorities warn that such scams are increasing and urge individuals to report incidents to local law enforcement and the Federal Trade Commission.

Geopolitical Developments

Russian President Vladimir Putin has expressed favorable views toward Bitcoin, suggesting it as an alternative to the U.S. dollar. The Russian government is considering using digital assets for foreign transactions to bypass Western sanctions. However, experts doubt that cryptocurrencies have the necessary scale or liquidity to replace the dominance of the U.S. dollar in global trade.