"Michael Saylor Warns: Quantum Computers Threaten Banks & Tech Giants"

# Michael Saylor Minimizes Quantum Computing Threat to Bitcoin, Highlights Greater Risks for Banks and Tech Giants Michael Saylor, a fervent advocate for Bitcoin(BTC) and co-founder of MicroStrategy, has argued that quantum computing poses a more significant risk to banks and major tech companies rather than Bitcoin. Saylor underscored that phishing, not quantum computing, is currently the most substantial threat to Bitcoin users. In a conversation with Bloomberg, Saylor dismissed the heightened fears that quantum computers might one day jeopardize Bitcoin's cryptographic infrastructure. He expressed confidence that such a threat, if it ever arises, would be manageable. “I’m not worried,” he asserted. “Companies like Microsoft(MSFT) and Google(GOOG) won’t sell quantum computers capable of breaking encryption. Doing so would ruin their own businesses.” # Growing Concerns Over Quantum Computing While quantum computing predates Bitcoin by over a decade, recent strides in error correction and qubit stability have revived concerns. Critics fear these advancements could undermine the cryptographic algorithms safeguarding the $1 trillion cryptocurrency market. In May, a Google study indicated that quantum computers might be 20 times more efficient at breaking Bitcoin’s RSA encryption algorithm than existing technology. Despite such advancements, Saylor remains doubtful about the near-term feasibility of quantum computing and believes that any future breakthroughs would first threaten more vulnerable systems before posing a significant risk to Bitcoin. “Quantum computers will be a bigger risk to Microsoft, Google, JPMorgan(JPM), and even the U.S. government,” he noted. # Bitcoin’s Resilience to Quantum Threats Saylor expressed high confidence in blockchain systems’ capability to handle quantum threats, asserting, “These threats will be detectable from a distance, and more digital systems, apart from Bitcoin, are much more susceptible.” The broader blockchain community is actively gearing up for potential quantum risks. In April, the Quantum Computing Project 11 research group offered a reward of 1 Bitcoin (approximately $109,810 at that time) to anyone who could break Bitcoin’s elliptic curve cryptography (ECC) using quantum computing. During a separate CNBC interview, Saylor pointed out that phishing scams are the most imminent threat to Bitcoin holders. “If someone wants to steal your Bitcoin, they’re more likely to send an email claiming ‘quantum computers can hack Bitcoin,’ but in fact, phishing attacks are 10,000 times more probable,” he explained. # Preparing for Quantum Computing Threats While acknowledging the potential future impact of quantum computing on current encryption methods, Saylor contended that weaker systems, such as banking infrastructures, Google accounts, and Microsoft accounts, would be the initial targets. Still, the World Economic Forum’s (WEF) 2024 report warns that quantum computers could decrypt today’s encrypted data and drastically alter the balance of computational power, highlighting this as a global risk. Under Saylor’s leadership, MicroStrategy(NASDAQ: MSTR) has been a trailblazer in institutional Bitcoin adoption. Since 2020, the company has amassed roughly $6.4 billion worth of Bitcoin, pioneering its use as a treasury reserve asset.