Bitcoin Free Falls To IDR 1.45 Billion Impact On Security Issues For Quantum Computing

JAKARTA - The price of Bitcoin has again experienced heavy pressure after falling below the level of 87,000 dollars or around Rp1.45 billion on Thursday, November 20 evening.

Tokocrypto analyst, Fyqieh Almuttaqin, stated that this decline was triggered by the massive sell-off of large investors (whale) reaching US$1.3 billion (Rp21.7 trillion), exacerbated by market panic over the issue of quantum computing security resurfaced.

Fyqieh explained that this panic began after billionaire Ray Dalio alluded to the potential vulnerability of Bitcoin due to the progress of quantum computing in an interview.

In a statement, Dalio called the risk that the technology could penetrate Bitcoin's cryptosystem, sparking old concerns in the global crypto community.

However, a number of market analysts considered the concern too much and did not consider the power of SHA-256-based Bitcoin cryptography.

The risk of quantum computing with Bitcoin is still at a theoretical and not urgent level. In fact, if there is a breakthrough that can decrypt Bitcoin, then the global banking system using RSA will be much more vulnerable. So, this panic is more triggered by perception, not the reality of the technology," said Fyqieh.

The market situation has been under pressure after blockchain analytics firm Arkham revealed that Owen Gunden, one of Bitcoin's early adopters since 2011, sold all of its BTC holdings as much as 11,000 BTC.

The move is seen as a large capitulation that adds supply in the market, strengthens selling pressure, and makes the price of Bitcoin further away from the 90,000 dollar level.

Fyqieh sees the whale action as a step that does not always reflect long-term sentiment. Big sales by one entity cannot be used as an indicator of the direction of the market.

According to him, many long-term investors make decisions based on individual portfolios, not Bitcoin's fundamental conditions. But it is true that additional supplies in fragile market conditions can speed up corrections.