Capriole warns of a structural vulnerability in Bitcoin
The quantum threat looms over Bitcoin. Charles Edwards, founder of the Capriole fund, issues a clear warning: without adequate protection by 2028, the reigning cryptocurrency could collapse. This prediction resonates in a market that is already experiencing turbulence.
In brief
Charles Edwards, founder of Capriole, predicts that Bitcoin will fall below $50,000 if the network is not protected against quantum computing by 2028.
Quantum computers threaten to break Bitcoin's current encryption and expose users' private keys.
Edwards believes that Bitcoin will be "the first to be put in the quantum hot seat," unlike banking institutions that are already transitioning to post-quantum encryption.
The urgent need for a transition to post-quantum encryption
Charles Edwards does not mince words. The fund manager, specializing in digital assets, states that Bitcoin must have protection against quantum computing before 2028. Otherwise, the price of BTC could plummet well below $50,000 and continue its decline until a solution is found.
This warning comes amid an already tense situation in the cryptocurrency market. On Monday, December 15, Bitcoin plummeted to $86,700, its lowest level in two weeks. This drop triggered a wave of liquidations exceeding $210 million in just one hour, a stark reminder of the inherent volatility of the sector.
Quantum computing has long been a theoretical threat to cryptocurrencies. These ultra-powerful machines could, in theory, decipher the encryption algorithms that currently protect users' private keys. Once these protections are compromised, the funds of millions of holders would be exposed to malicious attacks.
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