BitGo’s Post

Transcript

Welcome back to Crypto Water Cooler Live where we unpack what's making waves and digital assets. I'm Claudia Green from Bitco, and here's a look at what's shaking things up today. Bitcoin continues to push into new highs this week over $108,000. Etherium briefly went back over $4000 this week, and the altcoin market is mostly quiet as Bitcoin takes the lead. Also this week, Bitco was announced as a distributor for FTX creditors. Visit bitco.com/FTX to learn more. Now on to our top stories. First up, could quantum computing threatened? Bitcoin Not anytime soon. Alphabets new Willow chip brought quantum computing into sharper focus last week. In just 5 minutes, we'll have solved a complex problem that would have taken a normal supercomputer 10 septillion years. That's longer than the universe has even existed. This revelation sparked fears about bitcoins encryption Breaking bitcoins SH 256 encryption with the quantum computer remains an immense challenge. Experts estimate that to do so you would need 8000 Willow chips or between 13 and 317 million qubits. Currently, Willow has just 105. The energy to cool these chips alone makes an attack unrealistic. Even if the largest governments and corporations attempted to coordinate attack and managed to gain control of the network, Bitcoin would simply fork to protect itself, leaving the attackers alone on their own ghost chain. And to quote Andreas Antonopoulos's famous speech, this would actually require a government that can do IT. So hypothetically speaking, where would that leave attackers if they were able to pull something like this off? Billions of dollars spent? Chip production on a scale? We've never seen before in a very short amount of time all to gain control of Bitcoin for a maximum of one block or roughly 10 minutes. Quantum threats are real, but they remain theoretical while Bitcoin proves its resilience and adaptability. Next ad Banking controversy pushes crypto up the congressional agenda. The inability of many firms to establish and or maintain a bank account has been a long simmering frustration in the crypto industry. Now, newly released FDIC letters obtained by Coinbase are sparking claims that there's been a. Coordinated effort to debunk the industry. Regulators denied the allegations, but industry leaders, including Marc Andreessen argued that the impact is real, with 30% of A16D backed crypto companies affected. The real issue is unclear regulations. Banks face strict rules about risk management and financial crime compliance, leaving them cautious about crypto clients. Many crypto firms are shut out without clear guidance from regulators at all. With Congress now paying attention and newly nominated White House cryptos are David Sacks. Now in the mix, there's hope for progress. The bottom line is that clear frameworks could balance risk and opportunity, finally giving the crypto industry the banking access that needs. Lastly, onto the bit Finex restitution battle. The 2016 bit Finex hacksaw theft of approximately 120 bitcoins, then worth 71,000,000 what today worth a staggering $12 billion with 80% now recovered. The DOJ bit for next and former customers are vying for restitution bit the next compensated users at the time. BFX and recovery tokens docking all accounts by 36%. But now the DOJ says some users may not qualify as victims due to the statute of limitations. Meanwhile, Bitfinex says it alone should be reimbursed given Bitcoins massive price surge. The court will now have to decide if these customers were made whole and if users can still claim restitution. The DOJ will finalize its position by January 14th, with objections opened until January 28th. That's it for today. We hope these stories help keep your finger on the pulse of digital assets. As always, the future of crypto is one we're building together. Biko helps you safely store, trade, stake, and finance or digital asset needs. Be sure to give us a follow and head over to bitgo.com to learn more.