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As the debate continues to rage on the safety of Bitcoin (BTC) from quantum computer threats, the president of the ETFStore, Nate Geraci, has waded in. In a post on X, Geraci expressed his opinion simply by stating, "Nothing in this world is 10% failsafe."
Bitcoin quantum threats divide crypto stakeholders
Notably, Geraci referenced his post from December 2020, where he explained his thoughts about the flagship cryptocurrency asset.
According to him, Bitcoin is a human technological creation, and as such, it can have vulnerabilities.
Geraci emphasized that while Bitcoin’s safety measures remain robust and resilient, it is not beyond the laws of technological risks. He opines that since Bitcoin is software, like all technology, it operates within certain limits of cryptographic knowledge.
The ETF expert believes that as cryptographic technology continues to evolve and computing power increases, it is possible for Bitcoin to be cracked. That is, although Bitcoin is extremely secure now, it is wrong to claim that it will stay immune forever from all forms of cryptographic attacks.
Geraci’s philosophical view of "if it can be created, it can be destroyed" counters recent narratives in some quarters that Bitcoin will not succumb to quantum computer threats.
JAN3 CEO Samson Mow recently dismissed fears about quantum computers being able to crack BTC around 2028. Mow claimed that people were stressing over the wrong thing, as Bitcoin’s elliptic curve cryptography will not fail.
Mow’s reaction was in response to the "Quantum Doomsday Clock," predicting that the next generation of advanced technology will be able to steal keys by March 8, 2028. He insists that before any blockchain can be cracked, military infrastructures will have first been cracked.
Similarly, Google veteran Graham Cooke said Bitcoin is not currently threatened by quantum computing. He believes that the mathematical computation securing crypto wallets is very powerful and cannot be compromised.
Could quantum threats create opportunities for developers?
Other notable figures in the cryptocurrency space that have contributed to the quantum computer threat debates are Cardano Chief Technology Officer of Midnight Sebastian Gulliemot.
He says even when quantum computers become powerful, Cardano’s Midnight will still be secure.
Perhaps, developers of different blockchains might take on the challenge of securing their different networks given Nate Geraci’s take on technological vulnerabilities.
As the countdown to 2028 approaches, the debate around quantum computer threats might increase, and more clarity will be provided.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team