Quantum Computing Will Destroy Bitcoin? | Michael Saylor (Surprising Response)

Altcoin Daily

Introduction to Bitcoin's Potential

Bitcoin's value is speculated to either reach zero or a million. The possibility of it reaching zero is considered in the context of existential threats or extinction-level events.

Existential Threats and Volatility

  • Existential threats, such as asteroid impacts, could potentially wipe out Bitcoin, but this is a risk shared by all assets.
  • Political volatility, including speculation about government actions, can cause turbulence in Bitcoin's value.
  • Macro-economic volatility is seen as a feature of Bitcoin, making it the "greatest asset in the world," but it may be perceived as scary by those who prefer smooth and calm markets.

Addressing Potential Risks

  • Hacking: Bitcoin has not been hacked.
  • Banning: There is no indication that Bitcoin will be banned.
  • Copying: While Bitcoin has been copied, the original remains the best and most successful.

Bitcoin as a Protocol

  • Bitcoin is compared to the English language as a protocol chosen by people for prosperity.
  • Just as English became the dominant language, Bitcoin has become the dominant cryptocurrency.
  • The idea that people might switch to a different protocol (like switching from base 10 to base 16) is acknowledged, but it's noted that when smart, rich people decide to move to a new protocol, it will be possible to adapt.

Quantum Computing and Bitcoin

  • The development of quantum computing is discussed, including Google's quantum benchmark.
  • It's suggested that if quantum computing were practical and useful for mining Bitcoin, it would already be in use for that purpose.
  • The threat of quantum computing to modern encryption is acknowledged, but it's noted that this is a problem for all encrypted systems, not just Bitcoin.
  • The response to such threats would be to upgrade encryption technology to be quantum-resistant.

Conclusion

  • Bitcoin's potential for growth is still considered high, with the possibility of reaching $10 million per coin.
  • It's emphasized that it's not too late to invest in Bitcoin, comparing it to investing in Manhattan real estate in the past.
  • The importance of staying informed about crypto and its potential for making money is highlighted.