Quantum Computing Threat Looms Over Bitcoin's Dominance
Bitcoin's (BTC) dominance in the cryptocurrency market could be threatened by the development of quantum computers that can crack its encryption. This would create a huge shakeup on the crypto leaderboard, potentially allowing other coins to surpass it.
According to an analysis, Zcash (ZEC) and Ethereum (ETH) have a chance to become worth more than Bitcoin in late 2031. However, this would require a combination of circumstances, including a mishandling of a major crisis by the top dog, such as a quantum computing attack on Bitcoin.
The risk of a quantum breach is higher if the debate about precisely how best to secure Bitcoin against quantum computers continues for too long. This could lead to a rapid capital flight from Bitcoin, causing its price to plummet.
Zcash is considered more likely to be worth more than Bitcoin in the next five years because it has already discussed transitioning to new post-quantum cryptography and has a recent track record of responding quickly to security problems. In contrast, the Ethereum Foundation's target of December 2029 for reaching full post-quantum operational status may be too late.