Google Unveils Quantum Chip "Willow"

Yesterday, the world was abuzz with news that Google (NASDAQ: GOOGL) has unveiled a new quantum chip called Willow, capable of solving problems that would take billions of years for classical supercomputers in just five minutes. This is a massive advancement for quantum computing, but it raises concerns about the security of cryptocurrencies, particularly Bitcoin (BTC).

Importance for Cryptocurrency

Cryptocurrency relies on cryptography to secure transactions. Quantum computers, such as those from Quantum (NASDAQ: QMCO), can theoretically crack public keys and compute private ones, making digital signature algorithms that assure the blockchain's integrity vulnerable to quantum attacks.

In light of this, legendary trader Peter Brandt stated that he has always believed two factors could spell destruction for Bitcoin. The first is a coordinated attack by central banks, aimed not at the cryptocurrency's architecture but rather at creating obstacles for users holding BTC. The second, which is an existential threat, is quantum computing—an area that innovations like Willow could significantly impact.

Present Limitations of Quantum Computing

Despite the significant announcement, today's quantum computers, including Willow, are still plagued with high error rates and require substantial advancements for practical applications. This news serves as a reminder to consider the potential risks posed by quantum computing, as there's a possibility that one day Bitcoin might be worthless.

Additionally, news of new quantum chips might trigger market corrections. Coincidentally, on the day Willow was announced, the crypto market fell by 6.85%, losing at least $240 billion in market capitalization, while liquidated traders faced losses of approximately $1.5 billion, according to the lowest estimates.

This article was originally published on U.Today