Concerns that quantum computers could one day break Bitcoin’s security are overstated, according to Michael Saylor, CEO of Strategy.
Speaking on CNBC’s Squawk Box on June 6, Saylor said these warnings are mainly used to promote so-called quantum-themed cryptocurrencies.
According to him, the threat is more about marketing than real risk.
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He explained that if a large tech company were to develop a working quantum computer, it would not make it available to the public. Doing so could harm major businesses and even governments. Saylor stated:
Google and Microsoft aren’t going to sell you a computer that cracks modern cryptography because it would destroy Google and Microsoft and the US Government and the banking system.
If the time came when quantum technology could actually threaten Bitcoin
Saylor also pointed out that most users are far more likely to lose their Bitcoin in other ways. Phishing scams and stolen passwords are much more common and immediate threats than quantum attacks. He claimed the chances of falling victim to online scams are “10,000 times” greater than being affected by quantum computing.
He also noted that Bitcoin’s network is harder to break into than other systems people rely on daily. In his opinion, attackers would likely target email accounts, banks, and tech services first, since those are easier to compromise.
Recent research from Google suggests that quantum computers may require 20 times fewer qubits to break RSA encryption. What did researcher Craig Gidney say about it? Read the full story.
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