On paper, the recent breakthroughs seen in quantum computing are extremely promising. We can indeed imagine having in a few years a technology that will allow us to discover new drugs or even greatly improve weather forecasts and climate disasters. But these innovations also constitute a little-known death trap for the cryptocurrency industry. Explanations.
An existential threat to Bitcoin
Concretely, and according to observers best informed about these technologies, quantum computing could allow ill-intentioned individuals to break the encryption that protects bitcoin and other cryptocurrencies. A task that would be child's play for these machines, while they would take several human lives from a normal person. If the security of these assets is no longer ensured, their value could collapse.
Quoted by the Wall Street JournalArthur Herman, a senior fellow at the Hudson Institute, a think tank based in Washington, DC, doesn't beat around the bush:
We are facing a time bomb waiting to explode, if and when someone acquires the ability to develop quantum hacking and decides to use it to target cryptocurrencies.
According to a study published in 2022 by the Hudson Institute, quantum hacking of Bitcoin could cause up to $3 trillion to be lost in cryptocurrency and other markets, effectively leading to a Great Recession. The worst thing is that these estimates are based on 2022 prices where the value of these assets was much lower.
According to experts interviewed by the economic journal, traditional finance could also be threatened by advances in quantum computing. But they are convinced that the attacks would primarily focus on the cryptographic industry.
Skip Sanzeri, co-founder of QuSecure, a start-up specializing in quantum cybersecurity, anticipates: “Bitcoin is going to be targeted frantically. Banks have some regulation, defense mechanisms and the ability to protect their customers, whereas bitcoin is the Wild West. Your wallet will not reimburse you if your bitcoins are stolen. »
How to save Bitcoin?
Faced with this very concrete risk, some observers say that the industry still has plenty of time to react because it will take several years before it happens. Others are much less optimistic. Indeed, while Bitcoin could be secured through the adoption of new forms of encryption, such an overhaul is likely to take a long time. Bitcoin and cryptocurrencies are by nature decentralized and any evolution requires an agreement between these actors who keep this network afloat.
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