The post Billionaire Technologist Reveals: “Bitcoin Has Two to Five Years Before It’s Decrypted” – Here’s Why appeared on BitcoinEthereumNews.com.

Billionaire investor and technology visionary Chamath Palihapitiya has issued a stern warning about the future of Bitcoin’s encryption in the face of advances in quantum computing. Speaking on the subject, Palihapitiya pointed out that Google is developing Willow quantum chips and suggested that these could challenge the security of Bitcoin’s SHA-256 encryption algorithm in the next two to five years. “There is a Time of 2-5 Years to Take Precautions Against Breaking Bitcoin’s Password” “When Sundar Pichai (Google CEO) shared this, I missed my next meeting because I had to figure out what this meant for Bitcoin’s encryption,” Palihapitiya said, noting the significance of the invention. Palihapitiya explained that Google’s Willow chips, which represent a major advance in quantum computing, could pose a potential threat to Bitcoin’s cryptographic foundation. According to Palihapitiya’s analysis, it would take around 8,000 Willow chips to break Bitcoin’s SHA-256 encryption. “For context, it would take about 4,000 of these chips to break RSA-2048 encryption,” he said. “With 8,000 chips, it would be possible to break SHA-256, which is Bitcoin’s underlying encryption structure.” Palihapitiya described the development as “a two- to five-year timeline” for blockchain networks to be ready. “Some of these chains will need to fundamentally reimplement new hashing algorithms,” he added. The implications of quantum computing advances like Google’s Willow chips have long been a concern in the crypto space. Willow chips reportedly improve error correction as more units are used together, potentially speeding up their effectiveness in cryptographic attacks. However, significant technical challenges remain, including interconnect issues between the chips. “This is a big deal,” Palihapitiya said. “There are still issues like logical interconnects and communication between chips, but the progress there is undeniable. The ability of the Willow chip to scale is a game-changer.” *This is not investment advice. Follow our Telegram…

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Filed under: News - @ December 15, 2024 12:17 pm