Did Google’s Quantum Supremacy Announcement Contribute to Bitcoin’s Bad Day?
(TechCrunch) A price drop in Bitcoin may have been due to Zuckerberg’s testimony before Congress and also the developments happening in Google’s quantum computing research labs around the world.
Google has declared quantum dominance, indicating that it had solved a problem using quantum computing that a supercomputer would have taken years to solve. That’s great news for theoretical physicists and quantum computing aficionados, but less good for investors who’ve put their faith (and billions of dollars) into a system of record whose value depends on its inability to be cracked by computing power.
When news of Google’s achievement first began trickling out in late September (thanks to reporting by the Financial Times), Bitcoin experts dismissed the notion that it would cause problems for the cryptocurrency.