Asia Morning Briefing: Michael Saylor Minimizes Quantum Computing’s Threat to Bitcoin
Reassurance from Industry Leaders: The Future of Bitcoin Security Amid Quantum Advancements
As of June 9, 2025, at 5:12 a.m., recent discussions in the cryptocurrency sphere highlight a prevailing optimism among industry veterans regarding Bitcoin’s resilience against emerging quantum computing threats. CNBC recently hosted a segment featuring Michael Saylor of MicroStrategy, who dismissed widespread fears that quantum computers could soon compromise Bitcoin’s cryptographic foundations.
Market Highlights and Key Developments
Market Overview:
Welcome to the Asia Morning Briefing, your daily digest of significant market movements and insights during U.S. trading hours. For a comprehensive review of the American markets, refer to CoinDesk’s Crypto Daybook Americas.
Quantum Computing and Cryptocurrency Security:
Major financial institutions like BlackRock have raised alarms about the potential risks posed by quantum computers, which could, in theory, outperform classical systems and threaten current encryption standards. This has led to speculation that Bitcoin’s scarcity and security might be at risk if quantum technology advances unchecked.
Industry Response to Quantum Threats:
Despite these concerns, Saylor emphasizes that the threat is largely exaggerated at this stage. During his appearance on CNBC, he stated that the notion of quantum computers cracking Bitcoin’s cryptography is more of a marketing ploy by entities eager to promote new speculative tokens. He pointed out that tech giants such as Google and Microsoft are unlikely to develop quantum systems capable of breaking modern cryptography because doing so would undermine their own business models and the broader financial infrastructure they support.
“If you’re worried about quantum hacking Bitcoin, listen to my calm and rational explanation,” Saylor said. “The idea that quantum computers will soon compromise Bitcoin is overhyped. Major tech companies and governments have no incentive to develop such destructive technology because it would destabilize the entire financial system.”
Proactive Measures and Technological Preparedness:
Several proposals are already in motion to safeguard Bitcoin against future quantum threats. These include initiatives like BTQ, a startup developing quantum-resistant crypto hardware, and proposals for protocol upgrades-such as a hard fork that would transition all wallets to quantum-proof addresses. Saylor notes that Bitcoin’s protocol is regularly updated annually, and such upgrades could be implemented swiftly when necessary.
Main Security Concerns:
Saylor underscores that the primary security risk for Bitcoin remains phishing attacks and social engineering, rather than quantum hacking. Meanwhile, a recent study by Presto Research indicates that the crypto industry remains largely unprepared for the advent of practical quantum computing, highlighting a significant gap in current security measures.
Market Sentiment and Price Movements
Despite the ongoing debate about quantum threats, Bitcoin’s price remains robust, trading above $100,000 and approaching new all-time highs. Investors seem largely unconcerned, focusing instead on macroeconomic factors and institutional adoption.
Market Snapshot:
- Bitcoin (BTC): Stable at approximately $105,600, after a brief dip, with recent activity suggesting potential volatility ahead due to increased miner transactions.
- Ethereum (ETH): Maintains strength above $2,500, closing at around $2,534, buoyed by rising institutional interest in ETH ETFs, which are nearing $5 billion in assets under management.
- Gold: Slightly down at $3,314.92, but on track for weekly gains, supported by mixed U.S. employment data and easing tensions between the U.S. and China.
- Nikkei 225: Opens higher at 37,741.61 (+0.50%), extending recent gains amid positive economic data from Japan.
Stablecoins: Market Size and Usage Insights
The Growing Market of Stablecoins:
Circle’s recent IPO has spotlighted the stablecoin sector, with the company’s shares soaring past $107 on debut, up from an initial $69. The total market capitalization of stablecoins now exceeds $254 billion, according to CoinGecko data, reflecting their increasing role in global finance.
Transaction Volume and Usage Patterns:
However, quantifying stablecoin activity specifically for payments remains complex. Nic Carter, a partner at Castle Island Ventures and co-founder of CoinMetrics, analyzed available data and identified significant discrepancies in reported figures.
While estimates from Visa and Allium suggest stablecoin transaction volumes could reach approximately $9 trillion annually by mid-2025, these figures encompass a broad range of activities, including trading, DeFi operations, and settlement processes-not solely payments.
More precise data from Fireblocks, a leading custody provider, indicates that verified stablecoin payments amount to roughly $232 billion annually, representing about 10% of their total trading volume of $2.12 trillion. Similarly, a joint study by Artemis and Dragonfly sampled 20 payment providers, estimating stablecoin payment activity at around $72.3 billion per year-though this is likely an undercount due to limited sampling.
Implications for the Industry:
These figures underscore the uncertainty surrounding the actual use of stablecoins for everyday transactions. Circle, for instance, has not disclosed specific figures on USDC’s payment volume in its IPO filings, instead referencing overall transaction activity.
Recent Legal and Corporate Developments
Legal Settlements:
BiT Global and Coinbase have resolved their lawsuit concerning Coinbase’s decision to delist wrapped Bitcoin (wBTC). The case was dismissed with prejudice, meaning it cannot be refiled, with each party covering its legal costs. BiT Global initially claimed that the delisting harmed liquidity and favored competing tokens like cbBTC, citing concerns over Justin Solar’s involvement with wBTC as a risk factor.
Upcoming IPOs and Market Entry:
Cameron and Tyler Winklevoss’s Gemini exchange has filed confidential paperwork with the SEC to go public. While specific details remain undisclosed, the move signals growing confidence among traditional investors in crypto-native firms. Gemini has engaged major banks like Goldman Sachs and Citigroup to advise on the offering, positioning itself as a key player in bridging crypto and mainstream finance.
Market Movements and Outlook
- Bitcoin (BTC): Trading steady around $105,600, with recent activity hinting at potential volatility.
- Ethereum (ETH): Holding above $2,500, driven by institutional inflows into ETH ETFs.
- Gold: Slight decline but maintaining weekly gains amid mixed economic signals.
- Japan’s Nikkei 225: Continues upward momentum, reflecting positive economic sentiment.
Final Thoughts
While concerns about quantum computing’s impact on Bitcoin persist, industry leaders like Michael Saylor remain confident that proactive protocol upgrades and technological advancements will mitigate these risks. Meanwhile, the broader crypto market continues to evolve, with stablecoins solidifying their role in global finance and traditional firms preparing for increased regulatory scrutiny and public offerings.
Disclaimer: Portions of this report were generated with AI tools and reviewed by our editorial team to ensure accuracy and compliance with standards. For more details, see CoinDesk’s AI Policy.
