Charles Edwards, founder of quant bitcoin and digital asset fund Capreval, has warned that bitcoin could head well under $50,000 by 2028 if it isn’t quantum-resistant.
The potential threat of quantum computing to the crypto industry has long been debated and considered the next inflection point. More advanced computers that can break encryption are theorized to have the ability to reveal user keys, exposing sensitive data and user funds to bad actors.
Deadlines are usually thought to be years away. However, in an X-post on Wednesday, Edwards Prophecy That could happen as soon as 2028, and if the industry doesn’t move fast enough, the price of Bitcoin (BTC) could plummet.
“Starting to think that we’ll just need a huge bear market to wash away the idiots who think that the quantum threat to Bitcoin is a joke, and encourage Max to take action to upgrade the network,” he said.
“If we haven’t determined a fix by 2028, I expect Bitcoin to be at $50k and keep falling until it’s fixed.”
Quantum patch rollout is due in 2026
Critics say the threat posed by quantum computers has been overplayed because the technology is still decades away from being viable, and banking giants and other traditional targets will be busted long before bitcoin.
However, Edwards is long Discussed The risk is more imminent, that Bitcoin will be “first on quantum,” a chopping block because most banks and institutions are already migrating to post-quantum encryption and fraudulent transactions can be wound back or blocked.
“We have to get this right next year, or Bon Visage will enjoy the biggest bitcoin bear market in history. FTX will look like a cakewalk,” Edwards added.
Bitcoin og Willie Wu suggested last month that one way to keep your bitcoins safe until the quantum bitcoin threat is resolved is to keep bitcoins in a SegWit wallet for seven years.
Meanwhile, in July, bitcoin bull Michael Seiler dismissed concerns over the impact of quantum computing on bitcoin, calling it a marketing ploy to pump up quantum-branded tokens.
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