"Q-Day 3 years away?"...Bitcoin (BTC) plummets to $63,000 amid quantum fear

▲ Bitcoin (BTC), Quantum Computer, Cryptocurrency Security/AI Generated Image

As Bitcoin (BTC) dropped to $63,000, AT&T's quantum computing achievements were revealed. Concerns about 'Q-Day,' when existing cryptographic systems become powerless, have resurfaced.

According to the cryptocurrency media outlet U.Today on July 28 (local time), AT&T (T) applied D-Wave Quantum (QBTS)'s quantum annealing technology to its network optimization algorithm. Complex network tasks that previously took an hour were processed in just 15 seconds. D-Wave Quantum's stock price surged past $18.1 in pre-market trading.

At the same time, Bitcoin fell to around $63,000, and forced liquidations reached $100 million. U.Today cited the decline in KOSPI, selling pressure on semiconductor stocks, and caution surrounding the U.S. Federal Reserve meeting as factors contributing to the price drop.

The progress in commercializing quantum computing has once again highlighted Bitcoin's security issues. Eddy Zervigon, CEO of Quantum Xchange, described cryptocurrencies as "canaries in the coal mine," signaling the earliest quantum threat. He explained that blockchain protocols with decentralized structures could be early targets for attacks.

Google (GOOGL) researchers reduced the estimated computational power needed to decrypt Bitcoin's cryptographic system to one-twentieth of previous estimates. The required number of physical qubits was presented as less than 500,000. The U.S. Department of Energy expects powerful quantum computers to be built within three years, and IBM (IBM) and Microsoft (MSFT) are preparing for the emergence of systems with decryption capabilities by 2029.

AT&T's achievement demonstrated that quantum computing is moving beyond laboratories and being applied to actual corporate operations. The Bitcoin community is left with the challenge of agreeing on security technology upgrades before existing cryptographic systems are threatened.

[Article Summary]

-AT&T processed network tasks that took an hour in just 15 seconds using quantum computing technology.

-Bitcoin fell to $63,000, and forced liquidations amounted to $100 million.

-Google researchers reduced the estimated computational power needed to decrypt Bitcoin to one-twentieth of previous estimates.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*