Quantum computers have led to substantial worry within the crypto community. A recent Google report stated that a future quantum computer could potentially break Bitcoin’s (BTC) private keys in about nine minutes, less than BTC’s average block time. The report has led to many questioning if we are nearing the end of cryptocurrencies. However, new measures are likely to be put in place to tackle the threat quantum computers could pose to the crypto realm. A new proposal intends to freeze Satoshi Nakamoto’s $74 billion worth of Bitcoin (BTC) holdings to protect it from quantum threats.
Satoshi’s Bitcoins To Be Frozen?
According to a new proposal, BIP-361, Satoshi’s Bitcoin (BTC) holdings could be frozen to protect them from quantum threats. Cypherpunk Jameson Lopp, and five other co-authors, want to freeze Satoshi’s coins before quantum computers become publicly available. The move is called “Post Quantum Migration and Legacy Signature Sunset.”
While Bitcoin (BTC) is lacking in its post-quantum preparedness, Ethereum (ETH) has already started working on quantum protection.
Also Read: 3 Cryptocurrencies That Could Be Safe From Quantum Computers
The era of quantum computers may pose substantial threats to the cryptocurrency sector. Projects that aren’t ready for post-quantum protection may lost interest, or shutdown entirely.
Will BTC Hit $1 Million Before The Advent Of Quantum Computers?
BTC has long been projected to hit the $1 million mark, given its limited supply. Many industry experts, such as Binance founder Changpeng Zhao (CZ), Ark Invest CEP Cathie Wood, Strategy chief Michael Saylor, among others, have predicted BTC to eventually cross the seven-digit price level. Many even anticipate BTC to hit the $1 million mark by the end of this decade.
However, quantum computers could present substantial challenges to Bitcoin’s (BTC) journey to the $1 million mark. Nonetheless, if the BTC development team makes developments for post-quantum protection, it could greatly boost the asset’s price.