The recent news about Bitcoin has really been a roller coaster.

On one hand, the SEC Chairman publicly endorsed Bitcoin, elevating it to the status of the "foundational layer of the global financial system," and stated that the transition from traditional finance to cryptographic technology is the "inevitable direction of world development." With such statements, many people have already started envisioning a golden era for digital gold.

But just as the words settled, Andreessen Horowitz (a16z) poured cold water on the excitement—issuing an urgent warning that Bitcoin is facing an "extinction-level threat" from quantum computing. The current signature mechanism is as fragile as paper against quantum computers, and a switch to quantum-resistant signature algorithms is urgently needed.

Here’s the problem: Bitcoin is notoriously slow to upgrade, reaching consensus in the community is extremely difficult, and hard forks are high-risk operations. What’s worse, this technical migration requires holders to actively cooperate and move their assets. What about all those Bitcoins that have been lying dormant in wallets for years? The combined market value of these "sleeping assets" could be over $100 billion, making them a perfect target for quantum attacks.

So, why are so many people still clinging to Bitcoin?

Real-world pressures may be a key reason. Housing is becoming increasingly unaffordable in the US, and many Gen Z young people have basically given up—since buying a house seems hopeless, why not take a shot at cryptocurrency? Maybe it’s a way out. This mindset of "economic nihilism" is pushing large amounts of capital into high-risk markets.

The data is certainly tempting: over the past year, Bitcoin has surged 122%, leaving stocks and gold—traditional assets—far behind. But the price is steep too—public data shows the comprehensive cost for miners to produce one Bitcoin has soared to $137,800, far exceeding the current market price. Is this faith-based investment, or a high-stakes gamble?

Right now, Bitcoin has one foot on the bright path of official endorsement, and the other dangling over the cliff edge of quantum threats. Young people are pinning their dreams of wealth on it, miners are investing despite losses, and the technical upgrade challenges remain unsolved.

Is this game a ticket to the new financial era, or the last hurrah before the quantum age arrives? No one dares to give a definite answer—everyone is holding their breath and watching.