Bitcoin's Cryptography Could Be Cracked One Day, BitGo CEO Says

Bitcoin’s quantum-computing risk is real, but the technology needed to threaten the cryptocurrency’s cryptographic security remains far from practical, according to BitGo co-CEO Mike Belshe.

During his appearance on Fox Business, Belshe said there are currently no quantum computers capable of posing an immediate threat to Bitcoin.

However, he did acknowledge that the industry is already working on technologies that are meant to address the long-term risk.

He noted that existing quantum systems remain extremely limited compared. “We only have, like, quantum computers that theoretically work, so single digits to 100, so we’re really far away,” he said.

The BitGo executive argued that the threat should not be viewed as an immediate danger. “I think it’s good news for the digital asset industry, which is that at this point there’s new investments coming in, digital billions of dollars, money, the claims money, etc.,” Belshe said.

BitGo has already launched a quantum-resistant wallet, but Belshe acknowledged that the technology is still evolving. “So, we have BitGo launch a quantum-resistant wallet. It’s not perfect, and there’s more changes that need to happen,” he said.

Is this the end of the crypto winter?

Belshe said the industry should expect significant volatility. “The industry goes through ups and downs, and we’re changing the way the financial system works,” he said.

“Stuff takes time,” Belshe added. “Traditional markets and market infrastructure run from scratch, from zero, and so as a result of that, it goes up and down.”

Those who cannot handle significant price drops are not ready for massive gains, according to Belshe.

“If you’re not ready for a 20% drop, you certainly aren’t ready for 600% gains,” Belshe said.