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Key Takeaways
- Michael Saylor argues that quantum computing would ultimately strengthen Bitcoin.
- On-chain analysts say Bitcoin is not facing an existential threat from quantum computing.
- Grayscale expects Bitcoin to reach a new all-time high in the first half of 2026.
Bitcoin advocate Michael Saylor has dismissed concerns that advances in quantum computing could undermine the world’s largest cryptocurrency, arguing instead that the technology would ultimately strengthen the Bitcoin network.
His comments follow warnings from a prominent on-chain analyst that millions of older Bitcoins could be vulnerable if a sufficiently powerful quantum computer were to be developed.
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Quantum Threat Would Strengthen Bitcoin
Saylor, executive chairman of Strategy, said fears that quantum computers could “break” Bitcoin misunderstand how the network would adapt.
“Quantum computing won’t break Bitcoin — it will harden it,” Saylor wrote in a post on X on Tuesday.
He said the Bitcoin network would respond through protocol upgrades, allowing active coins to migrate to more secure standards, while coins that are lost or abandoned would remain immobile.
“The network upgrades, active coins migrate, lost coins stay frozen,” Saylor said.
Adding: “Security goes up. Supply comes down. Bitcoin grows stronger.”
Bitcoin supporters have long argued that the permanent loss of private keys—estimated to affect several million coins—effectively reduces Bitcoin’s circulating supply over time.
Network Survives, but Some Coins Exposed
On-chain analyst Willy Woo broadly agreed that quantum computing does not pose an existential threat to Bitcoin, but warned that a subset of older coins could be at risk.
Responding to a post on X claiming that a quantum computer could use Shor’s algorithm to “crack the encryption guarding Bitcoin’s earliest wallets,” Woo pushed back.
“BTC network would survive, most coins are not immediately vulnerable,” Woo said, noting that Bitcoin’s cryptographic standards can be upgraded.
However, he estimated that around 4 million bitcoins held in older pay-to-public-key (P2PK) addresses—including coins widely believed to belong to Bitcoin’s creator, Satoshi Nakamoto—have their public keys already exposed on the blockchain.
“However 4M coins in P2PK addresses (including Satoshi’s) have their public keys in the open and are vulnerable,” Woo said.
He added that any disruption would likely unfold gradually rather than trigger a sudden collapse, describing a “many-year shakeout,” even as long-term investors could step in.
“Many OGs would be in to buy the flash crash,” Woo said.
Grayscale Backs Saylor’s View
Asset manager Grayscale Investments said quantum computing is unlikely to affect crypto valuations in the near term, even as it expects broader structural changes to accelerate next year.
“We expect 2026 to accelerate structural shifts in digital asset investing,” Grayscale said , citing increased demand for alternative stores of value and improved regulatory clarity.
The firm said that these trends should attract new capital and further integrate public blockchains into mainstream financial infrastructure.
As a result, Grayscale said it expects Bitcoin to reach a new all-time high in the first half of 2026.
“We expect rising valuations in 2026 and the end of the so-called ‘four-year cycle,’ or the theory that crypto market direction follows a recurring four-year pattern,” the firm wrote.
Adding: “Bitcoin’s price will likely reach a new all-time high in the first half of the year, in our view.”
Saylor Continues Bitcoin Accumulation
On Monday, Strategy announced that it had acquired approximately $980.3 million worth of Bitcoin between December 8 and December 14.
The purchase marked the company’s largest weekly Bitcoin acquisition since July and the second consecutive week in which it added more than 10,000 Bitcoin to its balance sheet.
In a post on X , Saylor stated that the firm purchased 10,645 bitcoins at an average price of approximately $92,098 per coin.
As of Dec. 17, Strategy held 671,268 bitcoin acquired for roughly $50.33 billion.
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