Quantum Roadmap Could Send Bitcoin Price Higher Quickly: Edwards
Bitcoin developer Charles Edwards says that if the Bitcoin core team creates and outlines a clear roadmap to harden the blockchain against quantum computing attacks, it could push the price higher 'very quickly'. He estimates that this event would immediately discount much of the current risk associated with quantum computers potentially breaking the cryptography protecting the network. Edwards believes the current uncertainty is impacting investor sentiment and contributing to Bitcoin's recent price decline.
The quantum threat has been a topic of debate within the Bitcoin community, with some arguing that modifying the network to make its cryptography quantum-resistant would conflict with Bitcoin's core ethos. Others claim that quantum computers are years away from becoming powerful enough to reverse-engineer private keys from public keys. However, Edwards says that if developers create a clear roadmap for addressing this issue, it could send the price higher 'very quickly', potentially by double digits.
Edwards notes that Bitcoin's current price reflects the quantum risk based on available information and timelines outlined by leading quantum computing companies and researchers. He estimates that this risk accounts for roughly 30% of the discount in Bitcoin's price, making it more than priced in according to his analysis. Edwards emphasizes that a solution or roadmap would significantly reduce the risk, but could also grow if new developments accelerate the threat.