Quantum Computing Threatens Bitcoin? In an interview with CNBC, Michael Saylor, founder of MicroStrategy and a staunch supporter of Bitcoin, explicitly downplayed the threat of quantum computing to Bitcoin, calling it a "marketing gimmick" and emphasizing that the Bitcoin protocol is adaptable enough to deal with future risks. At the same time, industry experts and research institutes take a different view, warning that the quantum threat may be more urgent than thought. Will quantum computing shake the foundations of Bitcoin? The "Threat" of Quantum Computing: The Distance Between Theory and Reality The potential threat of quantum computing stems from its superior computing power, especially the challenge of Shor's algorithm and Grover's algorithm to traditional encryption systems. Bitcoin relies on the Elliptic Curve Digital Signature Algorithm (ECDSA) and SHA-256 hashing algorithm, which could theoretically be cracked by quantum computers. Shor's algorithm can solve large integer factorization and discrete logarithm problems at exponential speed, thereby threatening the public-private key mechanism, which may lead to the inverse derivation of the private key, which in turn compromises the security of digital wallets. The Grover algorithm may accelerate attacks on hashing algorithms, albeit with a relatively low level of threat. According to the Wall Street Journal, researchers warn that quantum attacks could cost the cryptocurrency market more than $3 trillion, and that Bitcoin could be a "top target" for quantum hackers due to its decentralized nature. In an interview with CNBC, Saylor noted that the quantum computing threat is exaggerated. He believes that tech giants such as Google and Microsoft will not develop quantum computers capable of cracking modern cryptography because this would not only destroy Bitcoin, but also threaten the banking system, internet infrastructure, and even national security. He bluntly said: "This is just a marketing ploy to sell the 'quantum concept token'. "It is a fact that quantum computing needs at least millions of qubits of stable computing power to reach the scale of cracking ECDSA, and the current state-of-the-art quantum chips, with only 105 qubits, are still a decade or more away from the actual threat. Bitcoin's Coping Strategy: Protocol Upgrades and Quantum-Resistant TechnologySaylor emphasized that Bitcoin, as a dynamic protocol, has the flexibility to deal with quantum threats. He noted that the Bitcoin protocol undergoes software upgrades every year and has historically addressed security issues through soft or hard forks several times. Bitcoin developers have submitted an Improvement Proposal (BIP) to migrate existing wallet addresses to quantum-resistant cryptographic addresses via a hard fork to defend against potential quantum attacks. In addition, startups such as BTQ are developing quantum-resistant cryptographic hardware to provide additional protection for blockchain networks. Saylor believes that these technological advancements are enough to build a defensive wall for Bitcoin before the quantum threat becomes a reality. User X @SwissHodler said: "Quantum risk is not unique to Bitcoin, banks and tech giants are also under threat. The Bitcoin community is already working on countermeasures, and there is no need to panic. Users @AlexOttaBTC quoted Saylor as saying it "bursts the panic bubble of quantum computing" and noted that Bitcoin's decentralized nature makes it more resilient when it comes to upgrading the protocol. But the latest report from Presto Research warns that the crypto industry is ill-prepared for quantum threats and may be underestimating the speed of technological breakthroughs. The report notes that the rapid development of quantum computing could pose a substantial challenge to blockchain security in the next 5 to 10 years. Especially for Bitcoin, the quantum-resistant upgrade faces two major problems: first, the consensus mechanism of the decentralized network leads to a long time for protocol changes; The second is that all Bitcoin holders need to actively migrate their assets to the new address, otherwise they may still face the risk of theft. A bigger threat: Phishing, not quantum computingSaylor also mentioned in the interview that the biggest security threat to Bitcoin today is not quantum computing, but phishing attacks. In 2024, the Web3 industry will lose more than $2.3 billion due to phishing attacks and private key leaks, far exceeding the theoretical threat of quantum computing. According to Saylor, mismanagement of users' private keys and security vulnerabilities on exchanges are more pressing issues than distant quantum risks. According to the 2024 Security Report, phishing and private key leaks are the biggest pain points in Web3 security. It is expected to continue to stand tall in the quantum age. But as Presto Research warns, over-optimism could catch the industry off guard. The future depends on the race against technology and time.