Bitcoin Price Could Plunge to $30,000 Amid Quantum Computing Threats

Bitcoin's current market value may be undervalued by around 30% due to the risk of quantum computing threats, according to a recent report by Capriole founder Charles Edwards.

In his model, Edwards warns that if Bitcoin fails to address these concerns, its price could drop to $30,000 by next year. He estimates a 60% chance of a 'Q-Day' event occurring by 2030 and an 80% probability by 2031.

The report highlights the potential risks associated with quantum computing, which could compromise Bitcoin's cryptography and render its current code ineffective. Edwards notes that Bitcoin upgrades are slow and require broad coordination across developers, nodes, miners, exchanges, and wallet users.