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According to the founder of the venture capital firm Social Capital, Chamath Palihapitiya, Bitcoin will be hacked in a few years. The tycoon believes that in 2-5 years, the largest Cryptocurrency, as it is currently known, will not resist quantum computing. However, he adds that this is not necessarily the end.
During an interview on the All-In podcast, the millionaire stressed that the encryption framework on which Bitcoin is based is not invincible. Thus, he states that the latter is due to the enormous advances in the field of quantum computing. Recently, Alphabet (Google’s parent company) introduced Willow, a 108-qubit quantum chip.
Palihapitiya believes that in the face of the greatest advances of the coming years, Bitcoin’s Sha-256 will have little resistance. «I calculated the time it takes to crack Bitcoin’s encryption standards. About 8,000 chips are required to decipher Sha-256,” he says. Next, he adds that we have a period of 2-5 years for blockchains to implement new algorithms.
In the businessman’s opinion, Willow becomes one of those elements that shortened the estimated resistance time of cryptocurrency encryption. However, he expresses optimism for the future of digital currencies. He emphasizes that just because Bitcoin will be hacked in its current form, it does not mean that it will disappear.
Is it possible that Bitcoin encryption will be hacked in a few years?
The issue of cryptocurrencies and quantum computing is one that generates debates and enormous controversy. According to critics of digital currencies, the enormous capacity of these computers, which are currently under development, represents the end of Bitcoin. However, proponents of the token think there is unlikely to be an existential threat.
Basically, crypto developers will adapt to the new quantum computing and develop new forms of encryption. This is what Palihapitiya himself thinks. On the other hand, there are others who have the same opinion, but differ in the deadlines.
For example, CryptoQuant CEO Ki Young Ju highlights that cryptocurrencies have no reason to worry in this or the next decade. In any case, the ability to adapt is the great argument of cryptocurrency defenders to resist the emergence of quantum computing.
Considering all the interests at stake, it is unlikely that the crypto industry will be replaced anytime soon. The latter taking into consideration that large branches of the financial world adopt BTC. Even the United States government itself claims to be ready to incorporate the token into its strategic reserves at the same level as gold.
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