It will crack elliptic curve cryptography before hashing or symmetric encryption (AES). For bitcoin, that means the secp256k1 curve.
It's estimated that 2,330 qubits with error correction are needed to crack secp256k1. This IBM computer does not have error correction so we're not near half way there.
StinkiePhish t1_j1n9bhj wrote
Reply to comment by nagareteku in An IBM Quantum Computer Will Soon Pass the 1,000-Qubit Mark by giuliomagnifico
It will crack elliptic curve cryptography before hashing or symmetric encryption (AES). For bitcoin, that means the secp256k1 curve.
It's estimated that 2,330 qubits with error correction are needed to crack secp256k1. This IBM computer does not have error correction so we're not near half way there.