A new deadline has been announced for Bitcoin to be hacked by quantum computers

The biggest existential threat to Bitcoin, related to the decryption of RSA cryptographic algorithms, could materialize much sooner than expected, according to Charles Edwards, a cryptoanalyst and founder of the investment firm Capriole Invest.

Quantum Doomsday Clock

The quantum Doomsday Clock has pinpointed the date when Bitcoin's cryptographic security could collapse. According to its prediction, after March 8, 2028, quantum computers will be able to crack the private keys of the Bitcoin blockchain, threatening crypto wallets worth over $2.5 trillion.

Crypto Market Vulnerability

According to Edwards, the threat of quantum computing highlights the vulnerability of the crypto market. Without migration to post-quantum algorithms like NIST's FIPS-204, the market risks a collapse in trust.

"In two years, four months, and two days, quantum processors will accumulate enough logical qubits to crack elliptic curves and RSA encryption, which form the mathematical foundation for protecting almost all digital assets," assured Charles Edwards.

Alternative expert opinions

However, there are other opinions on this issue. Google analyst Craig Gidney believes that the pace of technological development and the resources of quantum computers will prevent the RSA algorithm from being cracked before 2035. Naoris Protocol CEO David Carvalho predicts that Bitcoin could face quantum risk by 2030. Blockstream co-founder Adam Back agrees with Edwards's arguments, but suggests that a real threat to the Bitcoin ecosystem may only emerge in 20 years.

The Scale of the Quantum Threat

Bits.media recently explained the potential scale of the quantum threat to Bitcoin, potential alternative solutions, and the risks of transitioning to post-quantum algorithms.

In Conclusion

Despite various forecasts and expert opinions, the threat of quantum computing to cryptocurrencies remains relevant. It is important for the crypto community to begin preparing for possible changes and adapt to the new conditions to maintain user trust and protect their assets.