Google Quantum AI White Paper Sinks Bitcoin below $67K
Quick overview
- Google's Quantum AI white paper warns that advancements in quantum computing could lead to the cracking of encrypted wallets, putting 1.7 million dormant bitcoins and 20.5 million Ethereum coins at risk.
- Following the report, Bitcoin's price fell by 1.61% to $66,565, while Ethereum dropped 1.19% to $2,039, amidst a rising stock market.
- Bitcoin has experienced significant losses this quarter, with predictions suggesting it could drop to a target of $50,000 if current trends continue.
- The potential for quantum computing to breach cryptocurrency encryption poses a serious threat to the market, as it could lead to massive devaluation and loss of assets.
A new white paper from Google’s Quantum AI laid out the threat of encrypted wallet cracking that could jeopardize dormant bitcoins, and the BTC price fell 1.61% on Tuesday.
Digital cracking technology has dramatically improved lately, according to a new report from Quantum AI. That means that 1.7 million bitcoins, now lying dormant, could be at risk. Dormant Ethereum coins are at risk as well, with estimates at 20.5 million Ethereum coins. The news caused the crypto market to sink on Tuesday morning.
BTC/USDBitcoin (BTC) dropped to $66,565 (BTC/USD), and Ethereum (ETH) fell 1.19% to $2,039 (ETH/USD). This news came at a time when the stock market is rising. A report came out of the Wall Street Journal that President Donald Trump has been telling his aides he will end the war in Iran soon, and U.S. equities rose on hopes of lower oil prices.
Bitcoin Price Prediction Calls for $50,000
This quarter has been a trying one for Bitcoin and the wider cryptocurrency market. By March 31st, Bitcoin had lost about $20,000 per coin for the quarter, and that marks one of the worst quarters for the coin in its history with about 23% in losses. Constant selling pressure from the ongoing Iran war has hurt crypto coins, particularly Bitcoin, which has struggled to regain its lost ground since October of last year.
Now below $67K, Bitcoin has fallen under the demarcation inline that indicates a structural breakdown. It is unlikely that Bitcoin will be able to make up all its lost ground so far in 2026 by the middle of the year, if its current trajectory is any indication. An end to the Iran war will help, and if the U.S. government moves quickly on its in-progress cryptocurrency bill, that could boost the coin’s value as well.
A primary downside target has been placed around $50,000 now, with Bitcoin moving quickly toward that level. The coin is down 6.12% for the last seven days already, and it would only take a loss of 24% for the coin to hit that psychologically catastrophic level. That could happen in the next few months if Bitcoin continues to suffer one defeat after another.
Even if Iran and the United States stop fighting, the situation in the Middle East has been volatile for a long time. It is likely that new fighting will break out in the next few months and hurt Bitcoin’s prospects even more.
White Paper Delineates Danger
Quantum computing could break into Bitcoin wallets and crack encryption of cryptocurrency assets. Google has been monitoring this growing area of concern and has issued a warning in their white paper titled “Safeguarding cryptocurrency by disclosing quantum vulnerabilities responsibly.” In just 10 minutes, quantum computing is capable of cracking encrypted wallets and stealing dormant bitcoins.
Current quantum computers can break the ECC (Elliptic Curve Cryptography) encryption fast and leave assets exposed. The latest report says that could happen in 9 minutes instead of the previous recorded 12 minutes. If millions of dollars’ worth of cryptocurrency is stolen, that could devaluate the market, putting everyone’s coins at risk.
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