By Teeka Tiwari, editor, Palm Beach Confidential
This could be the most catastrophic financial event to ever hit the globe…
Every brokerage account, bank account, and online account—as well as any asset stored in any digital form anywhere in the world—could potentially be at risk.
Let me explain…
Last month, Google broke the internet with reports that it’d achieved “quantum supremacy.”
The company supposedly used a quantum computer to solve a complex calculation in just 3 minutes and 20 seconds. It would take a traditional supercomputer 10,000 years to solve the same equation.
If true, it means Google achieved quantum supremacy. That’s the moment quantum computers beat traditional supercomputers.
Without getting too technical, quantum computers perform calculations based on quantum physics—allowing them to process multiple calculations at once. And they can process exponentially more data than traditional computers.
They’ll eventually power artificial intelligence (AI)… model molecular systems… and forecast market movements. They’ll even predict weather patterns. But there’s also a dark side to quantum computing—which is why I’m writing you today.
As quantum computers become more powerful, they’ll be able to break all encryption underlying the global financial system.
I’m talking about every single account at every bank, brokerage firm, and central bank… even government computers and nuclear facilities. All of it will be child’s play to the quantum computers of the future.
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What About My Bitcoin?
In the face of quantum computing’s potential threat to the global financial system, the biggest uproar I’ve heard is from the crypto community.
You see, quantum computers will be the equivalent of a digital skeleton key. They’ll be able to unlock any digital asset in the world, and that’s a huge honey pot.
The world’s bond market is estimated at over $100 trillion. And global stock markets and fiat currencies account for about $80 trillion each. Combined, that’s over $260 trillion worth of assets. (That doesn’t include digitally stored property titles.)
Meanwhile, right now, the entire crypto network is worth about $220 billion.
So let me ask you this…
If I gave you a master key to the world’s riches, would you waste it on attacking crypto accounts that would have zero liquidity and value if hacked?
Or would you go after the biggest pile of cash with massive liquidity that would experience no loss in value if stolen?
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Put Your Fears in Perspective
I’ve heard from many of my subscribers who are worried quantum computing could be used to break the encryption underpinning the bitcoin network.
But while quantum computing is revolutionary and will change life as we know it… here’s the thing: It’s still in its experimental stage.
The original Google scientific paper appeared on NASA’s website last month. But the agency surreptitiously pulled it soon after.
And Google hasn’t confirmed the authenticity of the paper or its results. NASA hasn’t commented on it, either. So we really don’t know how far along quantum tech is.
Now, for the sake of argument, let’s say the experiment worked. It’d still take years before quantum computers powerful enough to break the bitcoin blockchain are available.
Experts at Imperial College London and IBM, among others, have research showing current quantum computing power would need to increase 30 times or more to even come close to breaking the bitcoin blockchain.
And even if quantum computers do increase their capabilities, technology doesn’t stand still. The world’s computer scientists will create more robust encryption algorithms. Blockchains will add quantum resistance just like NEO and BlockDAG have already done.
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Remember, the earliest days of encryption would be no match for today’s cyber threats. But new encryption methods have evolved to counter them. The same will be true in the blockchain space.
So if you’re still worried, ask yourself again: If you had a master key to the world’s riches, would you waste it on bitcoin or $100 billion of central bank cash?
Because if quantum computers can break bitcoin… they can easily break the entire global financial system. And you should be far more concerned about the trillions of dollars in traditional assets stored on much less secure networks.
The bottom line: Bitcoin’s network is sufficiently safe from quantum attacks right now. There’s no reason to believe they’ll be a viable threat in the foreseeable future.
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