The development of quantum computing has raised concerns about its potential impact on Bitcoin’s
$95,874.36
security.
On February 19, Microsoft introduced its latest quantum chip, Majorana 1. Google made a similar innovation in December 2024 with its Willow chip.
Bitcoin exchange River weighed in on February 20, suggesting that while quantum computing is not an immediate threat, progress in the field could speed up the need for stronger security measures.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is DeFi in Crypto? (Explained with Animations)
The company said, “The Majorana 1 chip is far from that scale now, but could reach the 1 million mark by 2027-2029 <…> When ran for several days to weeks, a 1-million qubit QC could potentially crack Bitcoin addresses via a long-range attack”.
River also stated, “This breakthrough shortens the timeline to make Bitcoin quantum-resistant. Even if it’s a decade away, addressing vulnerabilities early is crucial”.
River CEO Alexander Leishman acknowledged that quantum computing does not pose an immediate danger to Bitcoin. However, he disagreed with the argument that traditional banking would collapse before Bitcoin, pointing out that banks have multiple layers of security, such as password authentication and manual approval for large transactions.
Unlike traditional financial institutions, Bitcoin relies on cryptographic security. If a quantum attack were to happen, an attacker would only need access to a Bitcoin public key to exploit vulnerabilities.
Recently, Lightning Labs’ CTO, Olaoluwa Osuntokun, disagreed that a security issue in the Lightning Network was caused by a software flaw. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
