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Google's recent quantum computing breakthrough in the form of its latest cutting-edge Willow chip has captured the imagination of not only the market at large but also established innovators such as Elon Musk and OpenAI's Sam Altman. However, in this effervescent environment, some crypto skeptics have begun targeting Bitcoin as the ultimate loser in the oncoming paradigm shift when, in reality, this thesis could not be further from the truth.
For anyone wondering what 10^25 or 10 septillion looks like
10,000,000,000,000,000,000,000,000 https://t.co/5cEQBb15oL pic.twitter.com/WxolPjpq0B
— Evan (@StockMKTNewz) December 10, 2024
To wit, Google's Willow quantum computing architecture is revolutionary on two counts: it dynamically reduces errors as the entire system scales up with the addition of more qubits, thereby overcoming a major roadblock; and it was able to perform a given computation task in under 5 minutes when today's fastest supercomputers would have taken 10 septillion (10^25) years to complete the same task!
Google's CEO brings alive the Great Bitcoin Short Thesis right as #BTC kisses $100k. pic.twitter.com/TuKld02JrK
— Compound248 💰 (@compound248) December 9, 2024
This then prompted doomsday predictions for Bitcoin from various corners, with most such assertions attempting to highlight the supposed ease with which the cryptocurrency's inherent encryption could soon be cracked.
Every now and then, when a quantum breakthrough makes the news, concerns pop up about the possibility of breaking AES or cracking Bitcoin.
GPT estimates you’d need around 1500 qubits to even take a shot at Bitcoin within a 10-20 year timeframe. But when companies like Google…
— Wall St Engine (@wallstengine) December 10, 2024
However, in reality, cracking Bitcoin's encryption is no walk in the park. As per serious estimates, it would require as many as 1,500 qubits working continuously for 15 to 20 years to crack the cryptocurrency's encryption. For context, do note that Google's Willow chip currently consists of just 105 qubits.
What's more, even if the quantum computing tech of the near-future were able to crack Bitcoin's encryption, as was recently theorized in a peer-reviewed paper, it would still only jeopardize dormant wallets, as almost all active wallets will most likely be able to migrate to quantum-resistant signatures - enabled via a Bitcoin soft fork - long before such an outcome becomes a reality.
$GOOG - introducing the quantum supercomputer.$NVDA - we’re gonna do something similar.$TSLA - we’re onto them as well.$MSFT - don’t forget about us, we are good at copying others.$AAPL - hi, we have a 4th camera on our new iPhone 17 S Pro Max 2.0 Founder’s Edition. We… pic.twitter.com/sm2KfAszUs
— Heisenberg (@Mr_Derivatives) December 10, 2024
This analysis, however, does not diminish the revolutionary characteristics of Google's recent innovation in the quantum sphere.
Incidentally, Bitcoin has tumbled to the $95,000 price level at the time of writing. While some crypto skeptics have been spinning this decline as a direct function of Google's quantum computing breakthrough, we believe it is a response to the global risk-off tone that is permeating the markets today.
MICROSOFT $MSFT SHAREHOLDERS VOTE AGAINST BITCOIN INVESTMENT PROPOSAL, PRELIMINARY VOTES SHOW - Bloomberg
— Evan (@StockMKTNewz) December 10, 2024
Of course, the fact that Microsoft's shareholders appear to be voting against investing in Bitcoin, as per a preliminary tabulation of votes, is not helping improve the broader sentiment around the cryptocurrency today.
