Tether CEO Predicts Quantum Computing Could Hack Lost Bitcoin Wallets

Paolo Ardoino, CEO of Tether, has issued a provocative prediction about the future of Bitcoin security, warning that advances in quantum computing may eventually breach inactive wallets, including those potentially owned by Bitcoin’s mysterious creator, Satoshi Nakamoto.

Quantum Computing Still Years Away from Threatening Bitcoin

In a February 8 X post, Ardoino stated that although quantum computing could one day hack lost Bitcoin wallets and return dormant BTC to circulation, that future remains distant. “Quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography,” he explained.

Quantum computing uses atomic-level phenomena to solve complex problems far beyond the capacity of traditional computers. As the technology progresses, wallets without active users are at greater risk of exploitation, given that there’s no one to secure or migrate the funds.

On the other hand, Ardoino emphasized that owners of active Bitcoin wallets would likely adopt quantum-resistant technologies when they become available, safeguarding their assets against such threats.

Industry Figures Call for Preparation

The possibility of lost Bitcoins re-entering circulation sparked concerns among some crypto experts. Crypto Skull, a popular pseudonymous trader with 140,500 followers on X, cautioned that Satoshi Nakamoto’s wallets becoming accessible “could theoretically send us back to the stone age.”

There’s a growing sentiment among some crypto enthusiasts that Satoshi’s estimated 1 million Bitcoins should be frozen to prevent exploitation and market destabilization.

Bitcoin bull and billionaire Chamath Palihapitiya echoed Ardoino’s concerns, stating in a December X post that quantum computing poses a risk to current cryptographic methods. “The time frame is very much not clear, and it’s not in the immediate time horizon. But if I owned a lot of BTC, my risk posture would be to assume it could happen and plan accordingly,” he advised.

Despite these concerns, technological hurdles remain formidable. A July 2023 Quantum Grad report highlighted that building a functional Grover’s search algorithm capable of extracting private keys would require millions of qubits — far beyond current quantum computing capabilities.