tl;dr
Investment firm River emphasizes the "crucial" need to address the quantum computing threat to Bitcoin's security. Microsoft's new chip, Majorana 1, could potentially enable a million qubits on a single chip, making it quantum-resistant. This breakthrough, powered by topological superconductivity, m...
Microsoft has made a breakthrough in quantum computing with its Majorana 1 chip, potentially enabling a million qubits on a single chip. This advancement may pose a risk to Bitcoin's encryption, as a million qubits could crack Bitcoin addresses. This milestone is estimated to be reached by the end of the decade, putting 5.9 million BTC at immediate risk.
Investment firm River emphasizes the "crucial" need to address the quantum computing threat to Bitcoin's security early. Microsoft's new chip, powered by topological superconductivity, could bring practical quantum applications closer, prompting debates about Bitcoin's post-quantum future. This breakthrough is expected to shorten the timeline for making Bitcoin quantum-resistant, raising concerns about the cryptocurrency's encryption.
While quantum computing currently has no practical applications, Microsoft's technology brings the possibility of running stable quantum computers. River estimates that a 1-million qubit quantum computer could crack Bitcoin addresses and pose a significant threat to the cryptocurrency's security. Microsoft anticipates reaching the 1-million qubit milestone by the end of the decade, potentially putting a substantial amount of BTC at risk.
Microsoft's recent breakthrough, alongside Google's new Willow chip, has sparked concerns about Bitcoin's encryption and is likely to trigger further debates about the cryptocurrency's post-quantum future.