The cryptocurrency industry has been spooked by Google’s recent research paper, which shows that a quantum breakthrough threatening Bitcoin’s cryptography could be just around the corner.
However, according to centibillionaire Elon Musk, there is one silver lining: long-lost Bitcoin passwords might finally be found.
As reported by U.Today, Musk previously asked Grok, a chatbot developed by xAI, whether or not Bitcoin might be hacked by quantum computing in the future. This came after tech giant IBM announced its plan to release the extremely powerful “Blue Jay” system, which would boast more than 2,000 qubit units. The chatbot replied that the probability of this happening by 2030 was less than 1%, citing the consensus of various experts.
However, the timeline might be too optimistic in light of the recent development.
“No need to panic”
In the meantime, Binance founder Changpeng Zhao claims that there is no need to panic over the possibility of an AI breakthrough.
He has acknowledged that it will be challenging to implement quantum-proof upgrades due to the decentralized nature of the cryptocurrency industry. Some projects, according to CZ, might not end up upgrading at all, which might be a positive development.
At the same time, the Binance founder has also raised the issue of Satoshi coins, which remains front and center during any quantum-related discussions. Zhao has opined that it would be more prudent to burn Satoshi’s coins instead of letting a hacker gain control over their vast holdings. “There is also the difficulty of identifying all his addresses, and not confusing them with some old hodlers. Anyway, it’s a different topic for later,” CZ said.
In the meantime, Ledger CEO Pascal Gauthier has also downplayed the severity of Google’s groundbreaking paper, arguing that “no one has the quantum hardware to touch your keys. Not even close.” The leading hardware wallet claims that it is already stress-testing post-quantum signatures.