Bitcoin could fall well below $50,000 if the network does not become resistant to quantum computing by 2028, according to Capriole founder Charles Edwards.
Edwards said advances in quantum computing pose a credible long-term risk to Bitcoin’s cryptographic security.
Quantum computers could theoretically break encryption, exposing private keys and placing user funds at risk.
While many in the industry believe the threat remains decades away, Edwards warned the timeline may be much shorter.
In a post on X, Edwards said the market may underestimate how quickly quantum capabilities could develop.
“Starting to think we will just need a huge bear market to wash out the idiots who think the Quantum threat to Bitcoin is a joke,” Charles Edwards said.
Edwards argued that a severe market downturn may be needed to force action on upgrading the Bitcoin network.
“If we haven’t deployed a fix by 2028, I expect Bitcoin will be sub $50K and continue to fall until it’s fixed,” Edwards said.
He added that a quantum-resistant upgrade should ideally be implemented by 2026 to avoid prolonged uncertainty.