Here's Who Will Buy Satoshi Nakamoto's Bitcoin After the Quantum Hack: Willy Woo

If the Bitcoin blockchain is quantum hacked, large investors could begin buying up the remaining 1 million bitcoins belonging to the anonymous creator of the first cryptocurrency, Satoshi Nakamoto. This was stated by Willy Woo, co-founder of the investment fund CMCC Crest.

Reaction to quantum hack speculation

Woo spoke in response to blogger Josh Otten's suggestion that if Nakamoto's crypto wallet addresses were hacked, the price of Bitcoin could fall to $3. Willy Woo agreed that many long-term investors would seize the opportunity and start buying Bitcoin at a low price.

According to him, approximately 4 million BTC are currently stored in public-key wallets (Pay-to-Public-Key). These wallets reveal the full public key when transferring funds, making them vulnerable to hacking using quantum computers, which are theoretically capable of brute-forcing the keys. Nakamoto addresses are among these wallets.

Quantum Hack Probability

Willie Woo noted that the possibility of creating a specialized quantum computer targeting the Bitcoin network does exist. However, even in the event of a successful quantum attack, the network would continue to function, as the vast majority of Bitcoins are protected. He emphasized that the market is capable of withstanding a short-term shock, and the Bitcoin price will not fall to $3.

Expert Opinion

Previously, Michael Saylor, Chairman of the Board at Strategy, also expressed the opinion that crypto enthusiasts' concerns about quantum computing being able to hack Bitcoin addresses are unfounded. He believes that Bitcoin's network security and upgrade technologies can address potential threats.

Thus, despite the potential risks, experts are confident in the resilience of the cryptocurrency market and its ability to adapt to new challenges.