MicroStrategy (currently Strategy) Executive Chairman Michael Saylor recently accepted a CNBC interview, responding to the potential threat of quantum computing to Bitcoin's security. He believes the market is overly concerned and points out that the Bitcoin protocol can be upgraded to address such challenges. Meanwhile, after the successful IPO of stablecoin issuer Circle, the significant gap between its market value and actual payment applications has drawn market attention, with data showing its transaction volume far exceeds actual payment usage, highlighting the complexity of crypto assets in different scenarios.
Saylor Downplays Quantum Threat, Emphasizes Bitcoin's Resilience
As the crypto market continues to focus on whether Bitcoin can break through the $100,000 mark, MicroStrategy Executive Chairman Michael Saylor recently told CNBC that market concerns about quantum computing threatening Bitcoin (BTC) security are overblown. He believes the Bitcoin protocol is flexible and can defend against such risks through software upgrades in the future. Saylor publicly stated:
"This is mainly a 'marketing tactic' by those wanting to sell next-generation quantum products."
Saylor further added that tech giants like Google and Microsoft are unlikely to develop computers capable of breaking modern cryptography, as this would simultaneously destroy the foundations of their own systems, the US government, and global banking systems.
However, financial giants like BlackRock and physicists have previously warned that quantum computers have the potential to surpass traditional binary computers and crack current encryption technologies, posing a threat to cryptocurrencies. Quantum computers can use methods like the Shor algorithm to break elliptical curve cryptography (ECC), potentially deriving private keys from public keys and compromising digital wallet security.
Experts disagree on the timeline for quantum computers posing a substantial threat. Some predict it could happen within the next few years, while others believe it will take decades to develop. Currently, the industry has proposed solutions such as post-quantum cryptography (PQC), and Michael Saylor believes Bitcoin can upgrade to a quantum-resistant cryptographic scheme before quantum attacks become feasible.
Phishing is a Greater Threat
Compared to quantum attacks, Michael Saylor believes the more significant problem is the increasingly prevalent phishing attacks, as Bitcoin cannot be paralyzed overnight by hackers. The US government and global tech companies like Google and Microsoft actually extensively use quantum-breakable cryptographic methods like SHA256 and AES, so security and risks are shared, and it's impossible for only Bitcoin to be victimized.
I believe Google and Microsoft won't launch quantum attacks that would harm themselves.
He also mentioned that current hackers can perform various theft attacks targeting individual users, such as phishing and social engineering. Michael Saylor urges the industry to focus more on promoting private key and security awareness rather than worrying about Bitcoin system collapse.
Overall, Michael Saylor is confident in Bitcoin's ability to address future quantum computing challenges, primarily due to the protocol's upgradability. Although actual quantum threat response solutions are still developing, this is not a burden solely borne by Bitcoin, but a shared challenge for global tech companies.
