The US government is reportedly investing in Quantum Computing, the technology that could end up acting as a possible threat to Bitcoin.
US Commerce Department To Give $2 Billion To Quantum Computing FirmsQuantum Computing is an upcoming class of computers that will be based on Quantum Physics principles and is theorized to be strong enough to solve problems too difficult for classical computers of today.
Currently, there are many firms part of the Quantum Computing race, a prominent name among which is IBM. The company is one of the oldest and largest technology companies, and its 1981 IBM Personal Computer was so influential that its architecture still makes the basis of most personal computers today.
These days, IBM is known for its computer research and supercomputers, which rank among the most powerful in the world. With the firm also setting its eyes on Quantum Computing, the US government is reportedly allocating the largest share of the grants to it: about $1 billion.
Another major beneficiary of the deal is GlobalFoundaries, a company known for its cutting-edge semiconductor manufacturing capabilities. WSJ reported a grant value of $375 million for the company. Among the remaining seven firms are D-Wave Quantum, Rigetti Computing, and Infleqtion.
The American Reserve Modernization Act (ARMA) ensures digital assets in the possession of the federal government will be consolidated across government and protected as a reserve asset for future generations, protecting these assets from the whims of Congress or future administrations.
While the US government may be headed toward a Bitcoin reserve, it’s currently unknown whether it will ever actually buy new tokens. In contrast, the nation is already investing in Quantum Computing, which could potentially end up acting as an adversary to the cryptocurrency.
Bitcoin PriceAt the time of writing, Bitcoin is floating around $77,700, down 4.6% in the last seven days.
