Strategy executive chairman Michael Saylor has brushed off any immediate quantum threats to the Bitcoin network in a recent podcast. The famous BTC maximalist believed that the emerging technology is still 10 years away from threatening the core of the SHA-256 algorithm used by the premier digital currency.
In a lengthy online discussion with Coin Stories’ Natalie Brunell, Saylor touched on a variety of topics, including the ongoing market downturn and the emerging quantum threat. While Saylor is not fussed about any immediate danger from the technology, he also stated that the current infrastructure can easily be updated to counter any credible threat.
Quantum Threat May Force Every Sector to Upgrade, Not Just Bitcoin
Saylor was adamant that the new computing challenge is not a “current decade” problem, and advancements will take time.
“So first of all, the consensus of the cyber security community broadly held is that quantum risk, if it exists, is more than 10 years out…., there’s certainly no consensus that there is any threat right now or that there will be a threat materializing anytime soon”, said Saylor.
Saylor went on to state that the advent of powerful quantum computers will force every online digital entity to adapt to the new rules of the game, and it won’t be a surprise. Every bank, government database, financial ledger, or defense system will have to adapt to new Post Quantum Cryptography (PQC) standards.
He also pointed out that Bitcoin has a well-tested process for upgrading its network, and the reason it is not getting ahead of the game is that there is no consensus on PQC countermeasures right now. He repeated the famous crypto phrase “Don’t trust, verify” to emphasize the sophisticated and independent nature of the digital currency ecosystem, including its core developer group.
Strategy Doubles Down on its Bitcoin Reserve
Saylor is one of the most well-known Bitcoin maximalists in the world, and his company, Strategy, now owns 717,722 BTC, bought for a whopping $54.56 billion at an average price of $67,286 per token. He took to X to announce his latest purchase of 591 BTC for rouhgly $39.8 million just yesterday.
He has also recently taken flak from across the spectrum for his all-in approach to Bitcoin amid an ongoing price squeeze that has led the premier digital asset to lose roughly 50% of its value in the last few months.
Peter Schiff, a gold maximalist, is one of his most prominent critics, and he” stated that Strategy’s purchases are going to go lower and lower in valuation with time, forcing it to become illiquid.
Saylor has brushed off these speculations and stated that even if Bitcoin loses 93% of its value, the company can easily survive the crash and keep buying more.
Source: https://zycrypto.com/bitcoins-quantum-threat-more-than-10-years-away-saylor/
