Bitcoin Sub 50K Possible If Quantum Security Fix Not Deployed By 2028
Charles Edward Capriol, founder of Quantitative Bitcoin and Digital Assets Fund, has warned that Bitcoin could head below $50,000 by 2028 if quantum does not become established.
The potential threat of quantum computing to the crypto industry has long been debated and considered an upcoming inflection point. Advanced computers capable of breaking encryption are thought to be capable of revealing user keys, exposing sensitive information and user funds to bad actors.
The time limit is generally considered to be years; However, in an X-Post on Wednesday, Edwards predicted that it could be as early as 2028, and if the industry doesn't move fast enough, the price of Bitcoin (BTC) could drop.
“We need a big bear market to wash away the idiots who think the quantum threat to Bitcoin is a joke and encourage them to take action to improve the network,” he said.
In the year If no correction is deployed in 2028, I expect Bitcoin to be below $50k and continue to fall until correction.
The release of the Quantum patch should be in 2026.
Critics argue that the threat of quantum computers is overblown because the technology is still decades away from being implemented, and banking giants and other traditional targets could crack before Bitcoin.
However, Edwards says the threat is more imminent and has long argued that Bitcoin will be “at the beginning of the quantum disruption” because most banks and institutions are already migrating to post-quantum cryptography and fraudulent transactions can be affected or blocked.
“We have to fix this next year, or Bon Voyage will enjoy the biggest Bitcoin bear market in history. FTX looks like a cake walk,” Edwards added.
Bitcoin OG Willy Woo suggested last month that until a solution to Bitcoin's quantum risk is found, the way to keep your bitcoins safe is to hold bitcoins in a SegWit wallet for seven years.
Meanwhile, in July, Bitcoin bull Michael Saylor downplayed the impact of quantum computing on Bitcoin, calling it a marketing ploy to produce quantum-branded tokens.
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