Bitcoin

<p>Yesterday, all three major U.S. stock indexes declined as the market awaited Wednesday&#39;s CPI and Thursday&#39;s PPI reports. Google announced its first quantum chip, Willow, reigniting concerns about the potential decryption of private keys. Microsoft rejected a proposal for Bitcoin reserves at its shareholders&#39; meeting, while Bitcoin continued to fluctuate at high levels.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f37abcfcb08f4b5fbae516fceb4f9501.jpg" /><h2 id="header-0">Could Google&#39;s Quantum Chip Threaten Bitcoin?</h2><p>Google&#39;s announcement of its first quantum chip, Willow, promises to take computing to a new frontier, pushing Alphabet&#39;s stock price up by over 5% to near all-time highs. However, this has also sparked concerns about the potential for private keys to be cracked.</p><p>CEO Sundar Pichai tweeted yesterday that the new Willow chip can process a standard computation in 5 minutes, which would take current supercomputers 10^25 years.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/ab1a9cc42ba04f6798f26d2586872d7d.jpg" /><p>This achievement was published in the scientific journal Nature, marking a significant milestone in quantum computing. Yet, advancements in quantum computing have raised questions about Bitcoin&#39;s security, as quantum computers could theoretically break encryption algorithms, especially those using the &#34;Pay-to-Public-Key&#34; (P2PK) format for Bitcoin addresses.</p><p>Bitcoin creator Satoshi Nakamoto&#39;s approximately 1 million Bitcoins are stored in this format, potentially making them a target for quantum attacks.</p><h2 id="header-1">P2PK and Quantum Threats</h2><p>P2PK is an early payment format in Bitcoin where the public key is directly exposed. In traditional computing, deducing the private key from the public key is nearly impossible, but quantum computers could change this dynamic by using Shor&#39;s algorithm to derive private keys from public ones, thus accessing the Bitcoin in those addresses.</p><p>In contrast, modern Bitcoin addresses commonly use the &#34;Pay-to-Public-Key-Hash&#34; (P2PKH) format, which only exposes a hash of the public key, offering relatively better protection against quantum attacks. Therefore, P2PK addresses are considered the most vulnerable part of the Bitcoin ecosystem.</p><p>However, quantum computing not only poses a potential threat to Bitcoin but to all cryptocurrency networks, traditional banking accounts, secure document storage, and any system reliant on current encryption standards.</p><h2 id="header-2">Microsoft Rejects Bitcoin Reserve Proposal</h2><p>According to CNBC, Microsoft held its annual shareholder meeting where a proposal to diversify company reserves with Bitcoin was rejected. Proxy advisor Glass Lewis and Institutional Shareholder Services recommended voting against the proposal.</p><p>Microsoft&#39;s CFO, Amy Hood, responded to shareholder questions by saying, &#34;We will continue to think about the evolution of cryptocurrencies.&#34;</p><h2 id="header-3">Bitcoin Continues to Fluctuate at High Levels</h2><p>After hitting an all-time high of $104,088 on December 5, Bitcoin has been pulling back while still fluctuating at high levels. The Bitop market analysis team believes that Bitcoin&#39;s recent decline is driven by more common triggers such as high leverage around the $100,000 mark. They consider Bitcoin within the price range of $95,000 to $98,000 to still be attractive to investors for the next 6 to 12 months.</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f881d6de82f74d4f948702b30a7c501d.png" /><p><strong>Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.</strong></p><p></p>

[Bitop Review] Google's Quantum Chip Boosts Stock Price by 5%, But Might Threaten Bitcoin? Microsoft Rejects Bitcoin Reserve Proposal, BTC Fluctuates Around 96K

[Bitop Review] Google's Quantum Chip Boosts Stock Price by 5%, But Might Threaten Bitcoin? Microsoft Rejects Bitcoin Reserve Proposal, BTC Fluctuates Around 96K

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