Media: Quantum computing poses a threat to cryptocurrencies

US President-elect Donald Trump promised during his campaign to establish a strategic reserve for Bitcoin held by the US government. However, breakthroughs in quantum computing technology have made the fate of cryptocurrencies such as Bitcoin uncertain. On the 23rd, the Wall Street Journal reported that some people are concerned that the continued development of quantum computing may allow hackers to crack the encryption technology that ensures the security of Bitcoin and steal it. The report quoted researchers as saying that it may take ten years or more for a quantum computing device capable of cracking Bitcoin's encryption technology to be born, but the development of quantum computing technology poses a long-term risk to Bitcoin unless developers upgrade their encryption technology. However, cryptocurrency professionals believe that upgrading Bitcoin's encryption technology will take years. Given Bitcoin's decentralized nature, upgrading encryption technology requires a broad consensus among "coin circles" around the world. The Wall Street Journal quoted analysts as saying that if hackers use quantum technology to attack Bitcoin, it will affect traditional financial markets. (Xinhua News Agency)