Bitcoin Advocate Saylor Dismisses Quantum Threat Hype

Michael Saylor, the chairman of Strategy and a prominent advocate for Bitcoin, has dismissed concerns that quantum computing poses an imminent threat to the leading cryptocurrency. In a recent interview, Saylor argued that the narrative surrounding quantum computing threats to Bitcoin is exaggerated and primarily serves as a marketing tactic to promote speculative quantum-resistant tokens.

Saylor emphasized that the idea of quantum machines compromising Bitcoin’s cryptographic foundations is overblown. He noted that major tech companies and institutions have a vested interest in protecting cryptographic systems, making it unlikely that they would develop or sell technology that could undermine these systems. He 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.”

Saylor maintained that the risks associated with quantum computing are still decades away. He believes that the blockchain network will adapt to the situation, much like other major software systems, by upgrading its software to address any potential threats. This perspective aligns with the view that preparation, rather than panic, is the appropriate response to the impending situation.

While Saylor downplays the urgency of quantum computing threats, some in the crypto community agree that proactive measures are necessary. Blockstream CEO Adam Back, a respected cryptographer, acknowledged that quantum computing could become relevant in the future. However, he believes the timeline for such threats spans decades, not years. Back recommends evolving Bitcoin’s address formats to incorporate more quantum-resistant cryptography, such as using Schnorr signatures and SLH-DSA tapleafs. This would allow users to gradually move funds to addresses designed to withstand future quantum attacks without incurring additional costs today.

Back’s proposal aims to avoid market panic driven by sensationalist headlines. He argued that these proactive steps can help ensure that Bitcoin’s price remains stable, avoiding wobbles caused by information asymmetry and over-reporting of incremental improvements in quantum computing technology. He stated, “[This will ensure] we don’t see bitcoin price wobbles caused by information asymmetry confusion from breathless over-reporting of incremental improvements of early stage quantum compute physics and algorithms – on a probable multi-decade path to cryptographic relevance.”