The Wall Street Journal (WSJ) has raised alarms over a potential quantum computing threat to Bitcoin (BTC), describing it in a recent article as “a time bomb waiting to explode.”
The article addresses the possibility of advances in quantum computing posing a risk to Bitcoin’s security and potentially becoming a threat to the entire blockchain industry.
In theory, a quantum computer could decipher private keys in minutes, potentially rendering Bitcoin’s security architecture obsolete. This debate was recently rekindled when Google unveiled its Willow quantum computing chip on Dec. 9.
The crypto community raised concerns over the possibility of a quantum hack happening earlier than the commonly shared 10-year expectation. Consequently, the WSJ article tackled the proximity of such an event and how it could affect the traditional financial system.
$3 trillion impact
The article used a projection from a study published by the think tank Hudson Institute in 2022, which estimated losses exceeding $3 trillion across crypto and traditional financial markets if potentially triggering a global recession.
Arthur Herman, senior fellow at the Hudson Institute, stated:
“What you’ve got here is a time bomb waiting to explode, if and when someone gets that ability to develop quantum-computer hacking and decides to use that to target cryptocurrencies.”
Moreover, the WSJ piece mentioned that, given Bitcoin’s market cap reached $2.1 trillion when it registered a new all-time high at $108,000, these estimates have likely grown.
Skip Sanzeri, co-founder of quantum-safe cybersecurity firm QuSecure, shared with the WSJ report:
“Bitcoin is going to get targeted like crazy. Banks have some regulation, some defense mechan
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Author: Gino Matos
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