Tether CEO Paolo Ardoino believes that someday, quantum computing will unlock the lost Bitcoin wallet. In effect, it might hack inactive wallets, possibly that of Satoshi Nakamoto, returning the bitcoins into circulation. However, how much of a real threat is that?
How Quantum Computing Threatens Bitcoin
These machines process information at lightning speed, cracking the cryptographic security of Bitcoin in its wake. Even active users can transfer their funds to quantum-resistant wallets, but lost or inactive ones are left broken.
Crypto trader "Crypto Skull" also warned that "if the Satoshi account is opened, his 1 million BTC, the markets will be dislocated, and Bitcoin will land in the Stone Age. There are proposals to freeze some of these accounts so that these economic shocks do not appear.
Is Bitcoin Really at Risk?
Experts claim quantum computing isn't an imminent threat. According to a report by Quantum Grad in 2023, millions of qubits would be required to break Bitcoin's encryption-far beyond current capabilities.
Bitcoin billionaire Chamath Palihapitiya acknowledges a risk but states it is a long-term concern. To this end, he advises big holders to prepare themselves for quantum-resistant solutions in the future.
What's Next?
The quantum-proof cryptography the developers are working on should safeguard it. Even as lost wallets remain vulnerable, current technology is not yet strong enough to crack Bitcoin's encryption.
As of now, Bitcoin holders should remain informed and prepared for security upgrades as quantum computing advances.