The chief executive of stablecoin issuer Tether (USDT) says that quantum computing will allow hackers to steal Bitcoin (BTC) from lost wallets.
In a new thread on the social media platform X, Tether CEO Paolo Ardoino predicts that while active crypto users may move their funds to quantum-resistant wallets, those who have abandoned or lost their stashes won’t be able to do so, leading to those Bitcoin eventually being extracted via the new technology.
“Prediction: quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography. Quantum-resistant addresses will eventually be added to Bitcoin before there is any serious threat.
All people alive (and that have access to their wallets) will move Bitcoin into new quantum-resistant addresses. Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation.”
Quantum computing is when computers use the principles of quantum mechanics to solve complex problems and perform computations that far exceed the capabilities of classical computers.
Ardoino goes on to note that even if such a thing were to happen, it would have no impact on the supply of the top crypto asset by market cap.
“Only 21 million Bitcoin anyway. Nothing can change that. Not even quantum computing. That’s the real key important message. Bitcoin is the best asset in the world.”
Bitcoin is trading for $96,108 at time of writing, a fractional decrease during the last 24 hours.
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