Crypto: Quantum Fears Aren’t Behind Bitcoin’s 46% Drop, Says Developer

Bitcoin developer Matt Carallo says Bitcoiners are looking to “blame something” for the asset’s sluggish price, dismissing quantum fears as the culprit.

Bitcoin’s recent sell-off isn’t due to quantum computing fears, because if that were the case, Ether would be soaring, says Bitcoin developer Matt Carallo.

“I strongly disagree with the characterization that Bitcoin's current price is materially, because of some kind of quantum risk,” Carallo told journalist Laura Shin on the Unchained podcast on Thursday.

“If that were true, then Ethereum would be up substantially on Bitcoin,” he added. Ether (ETH) is down 58% since a major crypto market crash in early October, trading at $1,957 at the time of publication.

Carallo’s comments come as several Bitcoiners have argued that fears of quantum computing affecting the blockchain are partly why Bitcoin (BTC) has dropped 46% from its October all-time high of $126,100 to now trade at $67,162, according to CoinMarketCap.

Some Bitcoin users have accused the blockchain’s developers of not moving quickly enough to make the network quantum-resistant, while the Ethereum Foundation has said it is taking measures to be ready.

In its protocol update on Wednesday, the Ethereum Foundation outlined long-term post-quantum readiness as part of its broader security initiative.

Carallo said that although quantum computing poses long-term risks to Bitcoin, market makers don’t see it as a pressing short-term threat, arguing that the Bitcoin community is just looking for a scapegoat.

“There are a lot of Bitcoiners who want to blame something, blame someone for lackluster performance.”

Carallo said that a more likely reason for Bitcoin’s price decline is that it is now “competing for capital” in a way it never has before against other technologies such as artificial intelligence.

Source: CoinTelegraph