Morning Update: Michael Saylor Addresses Quantum Computing Risks to Bitcoin

Michael Saylor, CEO of Strategy, expressed confidence in Bitcoin’s ability to withstand threats from quantum computing during a recent CNBC appearance. He suggested that Bitcoin could implement necessary software updates to mitigate these risks as they arise.

“For anyone concerned about quantum computing hacking Bitcoin, please listen to @saylor calmly and rationally explain why you should sleep soundly at night. pic.twitter.com/X0XzZZl0Cd”
— Natalie Brunell ⚡️ (@natbrunell)

Translation: For anyone concerned about quantum computing hacking Bitcoin, please listen to @saylor calmly and rationally explain why you should sleep soundly at night.

Saylor dismissed the concerns as primarily marketing tactics, arguing that major companies like Google and Microsoft would not risk destabilizing their business by selling quantum computers capable of breaking modern encryption. Various proposals are already in place to enhance Bitcoin’s security against quantum threats, including a potential draft for a Bitcoin Improvement Protocol (BIP) aimed at transitioning wallets to quantum-secure addresses.

In addition, Saylor noted that the main risks to Bitcoin stem more from phishing attacks rather than quantum computing vulnerabilities.

Recent assessments show that despite the looming threat of quantum computers, the Bitcoin market remains robust, with BTC trading above $100,000.