Simply put
- Michael Saylor considers Quantum Computers a more significant threat to banks and tech giants than Bitcoin.
- The co-founder of his strategy firm believes phishing is a more immediate risk for Bitcoin users today.
- He is confident that the crypto sector can swiftly adapt if a new threat emerges.
Bitcoin enthusiast Michael Saylor doesn’t seem particularly concerned about the so-called threat of Quantum Computing.
In a discussion with Bloomberg, he dismissed the anxiety that future quantum machines could dismantle Bitcoin’s foundational technology, suggesting that the issue is overstated and more manageable than it appears.
“I don’t worry about that,” he stated. “Microsoft and Google might work on quantum tech, but they wouldn’t release quantum computers capable of breaking encryption that would jeopardize their businesses.”
Quantum computing has progressed notably in error correction and Kikubit stability over the past decade, but Saylor remains unfazed.
Recent research from Google indicated that quantum computers might potentially break RSA encryption—an essential part of Bitcoin’s security—20 times more easily than before.
Despite such alarming forecasts, Saylor argues that quantum technology lacks practical applications at this stage and would pose a bigger risk to more vulnerable systems than Bitcoin if it arrives in the next couple of decades.
“It would threaten Microsoft, Google, JP Morgan, and the U.S. government,” he affirmed.
Saylor expressed assurance that his blockchain could be updated to counter potential quantum threats.
“You’d see it coming long in advance, and honestly, all other digital systems are more at risk from that danger than Bitcoin,” he noted.
The Blockchain Group is ramping up preparations for the eventual arrival of quantum technology. In April, the Quantum Computing Research Project offered a bounty of one Bitcoin, valued at around $109,810, for anyone who could crack a simpler version of Bitcoin’s Elliptic Curve Cryptography (ECC) using quantum computers.
In another conversation with CNBC, Saylor highlighted phishing scams as a more substantial danger to Bitcoin holders than quantum technology.
“If someone wants to hack Bitcoin, they might send out an email claiming a quantum computer can bypass Bitcoin’s security. ‘Click the link now,’ they would say, and then steal your Bitcoin,” he explained. “It’s far easier and less costly than the impending quantum threat.”
Even if quantum machines evolve to breach modern encryption, Saylor reasserted that they wouldn’t primarily target Bitcoin.
“They’d likely go after your banking system, Google account, Microsoft account, and any other assets you have,” he said.
While Saylor remains confident about Bitcoin’s resilience against quantum challenges, a recent report from the World Economic Forum has flagged quantum computing as a global threat, raising concerns about future decryption capabilities for existing encrypted data.
Saylor has been a pioneer in devising a financial model for Bitcoin, one that has garnered attention from various companies since he began accumulating Bitcoin in 2020, amassing around $64 billion worth of the cryptocurrency.
