Charles Edwards, the founding father of quantitative Bitcoin and digital asset fund Capriole, warns that Bitcoin could fall well below $50,000 if it will not be quantum resilient by 2028.
The potential threat to the crypto industry from quantum computing has long been discussed and is taken into account an impending tipping point. It is suspected that more advanced computers that would crack encryption would have the opportunity to leak user keys and pass sensitive data and user funds to malicious actors.
The general consensus is that the deadline continues to be years away; However, in an X post on Wednesday, Edwards predicted that this might occur as early as 2028 and that the value of Bitcoin (BTC) could decline if the industry doesn’t move forward quickly enough.
Source: Charles Edwards
“I'm beginning to think we're just going to wish an enormous bear market to weed out the idiots who think the quantum threat to Bitcoin is a joke and to incentivize the Maxis to take motion to modernize the network,” he said.
“If we don’t have an answer by 2028, I expect Bitcoin to be below $50,000 and proceed to fall until the answer is resolved.”
The Quantum patch have to be rolled out in 2026
Critics argue that the threat posed by quantum computers is exaggerated since the technology continues to be a long time away from viability and banking giants and other traditional targets might be cracked long before Bitcoin.
However, Edwards has long argued that the threat is bigger and that Bitcoin might be “first on the quantum chopping block” because most banks and institutions are already moving to post-quantum encryption and fraudulent transactions might be reversed or blocked.
Source: Charles Edwards
“We have to get this sorted next 12 months, or bon voyage, enjoy the largest Bitcoin bear market in history. FTX will appear to be a walk within the park,” Edwards added.
Bitcoin OG Willy Woo suggested last month that one technique to keep your Bitcoins secure until there’s an answer to the quantum Bitcoin threat is to store Bitcoins in a SegWit wallet for about seven years.
Meanwhile, Bitcoin bull Michael Saylor in July downplayed concerns concerning the impact of quantum computing on Bitcoin, calling it a marketing ploy to spread quantum-branded tokens.
