Peter Brandt Reveals Bitcoin’s Two Biggest Killers

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As a seasoned researcher who has witnessed the rapid evolution of technology over the past few decades, I find myself both exhilarated and apprehensive about Google’s latest quantum leap with Willow. The potential for this technology to revolutionize various fields is undeniable, yet its implications on cryptocurrencies like Bitcoin (BTC) are a cause for concern.

Yesterday, the world was abuzz with news that Google has unveiled a new quantum chip called Willow, which is capable of solving problems that take billions of years for classical supercomputers in just five minutes. This is a huge step forward for quantum computing but raises questions about the security of cryptocurrencies, including Bitcoin (BTC). 

This matter pertains to significant digital currencies because they rely on cryptography for transaction security. However, quantum computers theoretically have the ability to break down public keys and even calculate private ones. Moreover, the digital signatures that ensure the chain’s integrity might also be susceptible to quantum-based attacks.

As a researcher studying the intricacies of Bitcoin, I’ve consistently emphasized two potential scenarios that could significantly impact this digital currency. The first involves a strategic, coordinated assault by central banks, not on the structural integrity of Bitcoin itself, but on those who hold it. This attack would manifest in various forms intended to disrupt the ownership experience.

— Peter Brandt (@PeterLBrandt) December 10, 2024

In this context, well-known trader Peter Brandt expressed a concern in a post that two potential scenarios could cause Bitcoin’s downfall. Firstly, he suggested the possibility of central banks collaborating to disrupt Bitcoin owners rather than targeting the cryptocurrency’s infrastructure itself. Secondly, he warned about quantum computing, which might pose an existential threat and could be symbolized by innovations like Willow.

Not today, Willow

Today’s quantum computers, such as Willow, are still prone to high errors and need substantial enhancements for everyday use, serving as a warning that we must take into account the potential risks of quantum computing. In the future, there might come a time when we could open our eyes to find that Bitcoin has lost all its value.

Furthermore, recent findings about quantum chips might require revisions. Interestingly, it seems that on the same day this breakthrough was announced, the crypto market experienced a significant drop, losing approximately 6.85% or roughly $240 billion in total value, and traders who were liquidated lost an estimated minimum of $1.5 billion.

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2024-12-10 13:26