Strategy’s Michael Saylor calls quantum computing threats to Bitcoin a marketing myth

Quantum-resistant cryptography discussions emerge as experts debate the timeline of potential risks.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Michael Saylor, chairman of Strategy and a long-time Bitcoin advocate, has dismissed concerns that quantum computing poses an imminent threat to the top crypto.

In a recent CNBC interview, Saylor argued that the narrative is exaggerated to promote speculative quantum-resistant tokens. He noted :

“It’s mainly marketing from people that want to sell you the next quantum yo-yo token.”

According to him, the idea that quantum machines could soon compromise Bitcoin’s cryptographic foundations is overblown because major tech companies and institutions have a vested interest in protecting cryptographic systems.

He stated:

“Google and Microsoft aren’t going to sell you a computer that cracks modern cryptography because it would destroy Google and Microsoft – and the US Government and the banking system.”

Meanwhile, Saylor maintained that quantum computing risks remain decades away and emphasized that the blockchain network will adapt to the situation like other major software systems by upgrading its software.

Bitcoin community is already preparing for quantum computing threats

While Saylor downplays the urgency, some in the crypto space agree that preparation, not panic, is the proper response for the impending situation.

Blockstream CEO Adam Back, a respected cryptographer, acknowledged that quantum computing could become relevant in the future. However, he believes the timeline for such threats spans decades, not years.

Still, proactive measures are already under discussion. Back recommends evolving Bitcoin’s address formats to incorporate more quantum-resistant cryptography. His proposal includes using Schnorr signatures and SLH-DSA tapleafs.

This would allow users to gradually move funds to addresses designed to withstand future quantum attacks, without incurring additional costs today.

He argued that these proactive steps can help avoid market panic driven by sensationalist headlines.

He said:

“[This will ensure] we don’t see bitcoin price wobbles caused by information asymmetry confusion from breathless over-reporting of incremental improvements of early stage quantum compute physics and algorithms – on a probable multi-decade path to cryptographic relevance.”

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