Bitcoin Price Could Soar with Clear Quantum Roadmap
Bitcoin developers need to create a clear plan to protect against quantum computing attacks, says Charles Edwards of Capriole Investments. He believes that if they outline a roadmap for hardening the blockchain within two or three months, it would be a major relief and send the price higher 'very quickly.'
The fear is that powerful enough quantum computers could one day break the cryptography protecting the Bitcoin network, potentially compromising wallets. Edwards estimates that this risk currently accounts for around 30% of the discount in Bitcoin's price, which he believes should be at least 40% above its current level.
Edwards thinks a clear roadmap would 'discount a lot of the risk pretty much overnight,' and he predicts the price could rise by double digits. He acknowledges that the quantum threat is currently on the back burner but notes that Bitcoin Improvement Proposals (BIPs) to date are 'not really' genuine solutions.
Edwards also warns that if Bitcoin developers fail to address this issue before 2030, it could become a more serious problem, especially given Ethereum's planned post-quantum overhaul by 2029. He bases his estimates on timelines outlined by leading quantum computing companies and researchers for when 'Q Day' could arrive.