Michael Saylor: Quantum Computing Threat is a Marketing Gimmick, Bitcoin Protocol Can Be Upgraded Anytime to Respond

On June 9, it was reported that Michael Saylor, founder of Strategy, recently downplayed the threat of Quantum Computing to Bitcoin in an interview with CNBC, believing that when the threat becomes imminent, the Bitcoin protocol can respond to potential risks through software upgrades. He stated: “This is mainly a marketing tactic by those who want to sell you the next quantum concept Token. Google and Microsoft will not sell computers that can break modern encryption technology, as it would ruin Google and Microsoft - it would also ruin the U.S. government and the banking system.”

There are several options to make Bitcoin’s proof-of-work (PoW) resistant to quantum attacks, including quantum-resistant cryptographic hardware developed by startups such as BTQ. A Bitcoin developer has submitted an Improvement Proposal (BIP) proposing to migrate wallet addresses to quantum-safe addresses via a hard fork. Saylor emphasized that the Bitcoin protocol is upgraded every year and that the bigger security threat comes from phishing attacks. Saylor concludes, "Bitcoin is a protocol; Its software is upgraded every year. He also believes that the biggest security threat to Bitcoin is phishing. However, not everyone agrees with Saylor. A recent report by Presto Research states that the crypto industry is “unprepared” for the coming quantum threat.