Within the cryptocurrency realm, focus has shifted toward a proposed upgrade designed to enhance Bitcoin’s defense mechanisms against the looming threat of quantum computing. Industry experts suggest that reaching consensus on this upgrade could lead to a significant surge in Bitcoin’s market value.
James Van Straten, a leading analyst at the Bullish crypto exchange, shared his insights on Bitcoin Improvement Proposal 360 (BIP-360). He noted that following Bitcoin’s price decline to around $60,000, there has been heightened attention toward the risks posed by quantum technologies. Straten welcomed this growing awareness as an important step forward for the community.
Straten further explained that if stakeholders agree on implementing a quantum-resistant protocol across the network, it might trigger an impressive price increase ranging from 50% up to 100% within just a few weeks. He emphasized that mitigating technical vulnerabilities would likely restore investor trust and potentially spark robust upward momentum in prices.
Nonetheless, Straten cautioned about inherent uncertainties tied to this transition. Specifically, he highlighted concerns over Bitcoins linked to Satoshi Nakamoto which have remained dormant for years; any unexpected movement from these wallets could introduce volatility and influence market sentiment significantly.
As reported earlier, BIP-360 has officially been incorporated into Bitcoin’s codebase. This proposal introduces Pay-to-Merkle-Root (P2MR), a new output type intended as part of a soft fork aimed at fortifying Bitcoin against future cryptographic challenges posed by quantum computers.
*Please note: This content does not constitute financial advice.