WSJ is back to speculate on the risk of quantum hacking in Bitcoin, and experts call it an "invisible bomb"

The Wall Street Journal (WSJ) has recently reignited the discussion on the threat of quantum computing to the security of Bit, stating it as a "hidden bomb". As quantum computing technology advances, this threat could change the future of the cryptocurrency and blockchain industry within a decade, causing great concern in the industry.

WSJ Reignites Concerns over Quantum Hackers

In a recent article, the Wall Street Journal focused on the threat that quantum computing poses to the security of BTC, calling it a "hidden bomb that could explode at any moment". The article mentions that quantum computing technology could disrupt the encryption architecture of Bit, even threatening the entire blockchain ecosystem.

The report points out that this topic has been reignited since Google's announcement of its Willow quantum computing chip on December 9th. Theoretically, a powerful quantum computer could crack Bit's private keys in a matter of minutes, rendering its security mechanisms instantly ineffective.

Potential Economic Impact Exceeding 3 Trillion USD

According to a 2022 study by the Hudson Institute, quantum hackers could cause losses exceeding 3 trillion USD, affecting not only the cryptocurrency market but also potentially triggering a global financial crisis.

Arthur Herman, a senior fellow at the Hudson Institute, stated: "It's like a hidden bomb, and once someone develops quantum hacking technology and targets cryptocurrencies, the consequences will be unimaginable." The WSJ report also mentioned that considering Bit's market capitalization reached a historical high of 2.1 trillion USD (with a Bit price of $108,000), the actual potential impact could be even greater.

Quantum Hackers' Primary Target: Bit

According to the report, Skip Sanzeri, the co-founder of quantum security network company QuSecure, pointed out that Bit, as a "decentralized Wild West", faces an extremely high risk. He stated: "Bit will become the primary target of quantum hackers. Unlike traditional banks, Bit lacks effective defense mechanisms, and stolen wallets cannot be compensated."

Furthermore, the report mentioned that approximately 1.72 million Bits are stored in addresses with exposed public keys, making them a priority target for quantum hackers. This includes even the wallets of Bit's founder, Satoshi Nakamoto.

Experts Remain Calm: Time to Respond

Although the quantum threat is real, industry experts emphasize that there is no need for excessive panic. Emin Gün Sirer, the founder of AVA, believes that the risk of quantum hackers is still within a manageable range. He stated: "The threat of quantum computing exists, but the time when it could truly cause a disaster is still far away, and we have enough time to prepare."

Tech giant Meta also discussed the so-called "quantum doomsday" threat in an episode of its Metatech Podcast. Meta's engineers believe that the breakthrough in quantum computing not only threatens blockchains but also poses challenges to all industries that rely on cryptographic technology.

Efforts to Combat Quantum Threats

To address this threat, engineers are working to develop post-quantum encryption technology. Meta stated that by combining traditional algorithms and new technologies, they are developing encryption standards that can withstand quantum threats.

These efforts indicate that although quantum computing poses a real challenge to the blockchain industry, the characterization of Bit as a "hidden bomb" may not be entirely accurate. As related technologies continue to evolve, the "doomsday scenario" for the encryption industry may still be successfully averted.

The experts at Meta concluded the discussion with an optimistic attitude, stating: "Developing quantum defense technology is a daunting task, but we are fully capable of meeting this challenge."