Michael Saylor, one of the most influential figures in the Bitcoin world, made striking statements about the potential impact of quantum computing on Bitcoin in his latest appearance on a television program.
Responding to concerns that quantum computers could break current encryption systems and leave the Bitcoin network vulnerable, Saylor urged investors to remain calm.
Saylor stated that there is a general consensus within the cybersecurity community that it will be at least 10 years before quantum computers pose a serious threat. Arguing that there is no concrete danger at the moment, the renowned businessman said, “Bitcoin has undergone nearly 30 software updates in its 17-year history. When a threat emerges, the network, nodes, wallets, and exchanges will all transition to ‘post-quantum resistant’ cryptography.”
Saylor, noting that the quantum threat will affect not only Bitcoin but also the global banking system, the internet, the defense industry, and giant technology companies, stated the following:
“If a quantum threat becomes real, Google, Microsoft, Apple, BlackRock, and even the US and Chinese governments will have to solve the same problem. The Bitcoin community is the most sophisticated cybersecurity-aware community in the world. While the legacy systems used by banks are far weaker, Bitcoin will be at the forefront of this process.”
Saylor likened quantum fear to the “Y2K” crisis that occurred at the start of the year 2000. He recalled that during that time, there was widespread panic about all computer systems collapsing and the world ending, but ultimately nothing happened. Saylor argued that such narratives are often fueled by “ambitious opportunists” to attract attention, gain power, or sell new products.
Saylor noted that Bitcoin has faced dozens of different fear scenarios (FUD) in the past, such as “bandwidth insufficiency,” “China banning mining,” or “environmental impacts,” but each proved unfounded. He characterized quantum fear as “the last refuge of those who want to stay relevant.” He gave Bitcoin followers this message: “If you spend your entire fortune on insurance policies (or bad investments) for a risk with a 1% probability, you’ll be bankrupt before that risk even happens. When quantum arrives, we’ll update our software like an iPhone update and move on.”
*This is not investment advice.
