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Nic Carter, a partner at Castle Island Ventures, expressed that major investors may lose patience with Bitcoin developers due to delays in addressing quantum computing challenges.
According to Carter, if Bitcoin developers do not take urgent action soon to implement quantum-resistant cryptography, it could result in a “corporate takeover” of the network.
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“If you are BlackRock and you have client assets worth billions in this project, and the issues remain unresolved, what options do you have left? What will the developers do? They will likely continue to take no action. Institutional investors may grow weary of this, dismiss the team, and hire a new one,” he added.
The expert estimates that the risk of Bitcoin being compromised by quantum computers is already impacting the price of the leading cryptocurrency due to increasing investor concerns.
The longer the community delays the implementation of post-quantum solutions, the greater the likelihood that those controlling substantial capital will seize the initiative. In such a scenario, decisions will be made not based on the principles of decentralization, but rather on the interests of protecting large funds, Carter concluded.
Previously, analysts at Stifel indicated that the first cryptocurrency could plummet to $38,000. They likened the asset to a character from F. Scott Fitzgerald’s novel “The Curious Case of Benjamin Button.”
