The quantum computers threaten the lost Bitcoin: revolution or risk? The opinion of the CEO of Tether

According to the CEO of Tether, Paolo Ardoino, quantum computers could forever change the fate of Bitcoins locked in inactive wallets. 

He indeed warns that, although the danger is not imminent, investors should adopt strategies to protect their funds. In this article, we see all the details. 

The CEO of Tether warns: inactive Bitcoin wallets could be breached by quantum computers 

Quantum computing is set to transform the cryptocurrency landscape, bringing with it new challenges and opportunities. 

According to Paolo Ardoino, CEO of Tether, this technology could one day allow access to lost Bitcoin wallets, bringing back into circulation a significant amount of digital coins.

This perspective thus raises crucial questions for network security and the future of the market. Ardoino shared his vision in a recent post on X. 

Specifically highlighting that the Bitcoins held in inactive wallets, including those attributed to the mysterious creator Satoshi Nakamoto (in case he is no longer alive), could be recovered thanks to the power of quantum computing.

However, he specified that this threat is still distant, as current technology is not capable of compromising the encryption that protects Bitcoin.

As we know, quantum computing exploits the principles of quantum mechanics to process information at a speed unimaginable for traditional computers. 

Thanks to the ability to explore multiple solutions simultaneously, it could theoretically breach the security mechanisms that protect the private keys of Bitcoin wallets.

Experts agree that lost wallets are the most vulnerable, as they cannot be updated with more advanced protections. 

On the contrary, active users will have the opportunity to migrate their funds to more secure addresses, resistant to quantum attacks.

In any case, this distinction leads to an inevitable conclusion: dormant Bitcoins could sooner or later be exposed to the risk of violation. 

As a result, the community of criptovalute will have to face the dilemma of how to handle a potential sudden influx of these coins into the market.

The possible impact on the value of Bitcoin

The idea of a return to circulation of lost Bitcoin has generated mixed reactions among experts and investors.

The pseudonymous trader Crypto Skull has warned that if Satoshi Nakamoto’s funds were unlocked, the market could undergo a drastic change, potentially bringing the value of Bitcoin back to much lower levels.

Some argue that the Bitcoin network could absorb this event without destabilizing effects, while others fear that a large amount of coins made available again could cause a price collapse. 

However, the real impact will depend on several factors, including the time required for quantum computing to reach the capability to decipher private keys and the market’s reaction to this evolution.

Chamath Palihapitiya, well-known investor and supporter of Bitcoin, stated that although the quantum threat is not immediate, those holding large amounts of BTC should start taking precautions.

One of the most discussed solutions is the development of new security algorithms resistant to quantum attacks. In the future, Bitcoin holders will be able to transfer their funds to wallets with advanced encryption, thus preventing the risk of attacks.

In the meantime, the academic world and companies in the sector are working to understand and counteract the impact of quantum computing on the security of cryptocurrencies. 

According to a 2023 report by Quantum Grad, millions of qubits would be necessary to break a Bitcoin private key, a milestone still out of reach for current technology.

It remains to be seen if Bitcoin will be able to adapt or if this threat will change its destiny forever.