Bitcoin Could Drop Below $50K By 2028 If Quantum Security Isn't Upgraded

(MENAFN- Crypto Breaking) Crypto Expert Warns of Bitcoin's Potential Decline Amid Quantum Computing Threat

Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole, has issued a stark warning regarding the future of Bitcoin in the face of advancing quantum computing technology. He predicts that if the industry fails to implement necessary security upgrades by 2028, Bitcoin could see its price fall well below $50,000, risking a significant market downturn.

Key Takeaways

• Edwards warns that quantum computing could dangerously compromise Bitcoin's security if not addressed by 2028.
• He predicts a major bear market may be necessary to prompt industry action against this imminent threat.
• Critical security upgrades are anticipated to be rolled out by 2026 to mitigate quantum risks.
• While some critics believe the threat is overstated due to the technology's current infancy, Edwards remains cautious about the timeline.

Tickers mentioned: None

Sentiment: Cautiously Bearish

Price impact: Negative - Due to fears of security breaches and the threat of Bitcoin's value declining if vulnerabilities are exploited.

Quantum Computing: An Imminent Threat to Cryptocurrency Security

Quantum computing's growing capabilities pose a significant challenge to the fundamental cryptography underpinning Bitcoin. Experts have long debated whether this advanced technology could compromise blockchain security, particularly through the ability to reveal private keys, expose sensitive data, and facilitate fraudulent transactions. Although many consider the threat years away, Edwards warns that the countdown is faster than many realize, potentially as soon as 2028.

In a recent post on the social platform X, Edwards emphasized the urgency for the industry to prioritize security measures.“Starting to think we will just need a huge bear market to wash out the idiots who think the quantum threat to Bitcoin is a joke, and to incentivize the maxis into taking action to upgrade the network,” he stated. Further, he warned,“If we haven't deployed a fix by 2028, I expect Bitcoin will be sub $50K and continue to fall until it's fixed.”

Source: Charles EdwardsUrgency in Upgrading Security Protocols

Experts argue that the threat is not merely speculative. Edwards points out that many traditional financial institutions are actively transitioning to post-quantum encryption, which could make Bitcoin the“first on the quantum chopping block.” This ongoing migration underscores the importance of deploying quantum-resistant protocols by 2026, providing a critical window to secure the network against future vulnerabilities.

Meanwhile, Bitcoin OG Willy Woo suggested that holding Bitcoin in a SegWit wallet for around seven years could minimize quantum-related risks until an effective solution is implemented. Conversely, some analysts, including Bitcoin proponent Michael Saylor, downplay the threat, suggesting it's a strategic marketing ploy to promote quantum-branded tokens.

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