VanEck CEO Sparks Bitcoin Security Storm
- VanEck’s leader questions Bitcoin’s core technology as quantum risks rise.
- If Bitcoin doesn’t upgrade by 2026, the company may pull out.
Jan van Eck, the CEO of VanEck, said in a recent interview with CNBC that he has serious doubts about Bitcoin’s long-term strength. He said that Bitcoin might not have enough encryption to protect it from future tech threats. Van Eck also said that privacy is a big concern because anyone can see transactions on Bitcoin’s public ledger.
Van Eck said that his company, which runs a popular Bitcoin ETF, could “walk away” if these core issues break Bitcoin’s promise. VanEck is a big player in the investment world, so its stance could affect other big players in crypto.
Quantum computers are a real threat to the safety of Bitcoin. In the future, these advanced machines might be able to break the codes that protect Bitcoin wallets and trades. Experts say this is a long-term risk, but Van Eck says we need to act quickly.
He said that 2026 is a very important year for Bitcoin developers to add features that make it resistant to quantum computers. If Bitcoin’s encryption isn’t updated, it might not work, which could expose user data and make people lose trust.
Privacy Gaps Fueling Shifts to Zcash
Van Eck says that Bitcoin’s design is a privacy flaw because it lets everyone see transaction details. Some long-time Bitcoin fans have switched to coins that focus on privacy, like Zcash, which does a better job of hiding user information. After Van Eck’s comments, Zcash’s price went up as investors looked for safer options. It shows that people want more privacy in the world of cryptocurrency.
