Director of the issuer of stablecoins USDT company Tether Paolo Ardoino is confident that $581,3 billion worth of bitcoins at the current rate will flood the market thanks to quantum computing.
Quantum computing still poses no real threat to the Bitcoin network's encryption method. Before the danger materializes, quantum-resistant addresses will emerge.
All living people (who have access to their crypto wallets) will transfer BTC to new quantum-resistant addresses. All wallets to which access has been lost, including those belonging to Satoshi (if he died), will be hacked and the coins will be returned to circulation, - wrote Ardoino.
Paolo Ardoino
Total number of bitcoins lost is about 6 million, if you take into account the cryptocurrency stored in wallets whose owners have died or cannot access them. Like the British James Howells , whose girlfriend threw away a hard drive containing 7,500 BTC worth $726,6 million. The current circulating supply of bitcoins is 19,8 million coins, meaning that 30% of the digital assets, worth $581,3 billion, are effectively out of circulation.
A cryptocurrency trader who goes by the pseudonym Crypto Skull believes that the appearance of 1 million BTC belonging to Satoshi Nakamoto, "will plunge us into the Stone Age." Obviously, he means the collapse of the BTC rate to $20,000 or even lower. It is not difficult to guess what consequences the injection of 6 million BTC will lead to. Therefore, some experts suggest blocking crypto wallets vulnerable to hacking using quantum computing to avoid collapse.
