Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) subsidiary Google's unveiling of its next-generation quantum chip, "Willow" has sent ripples through the tech world, with its lightning-fast computation capabilities stoking concerns for Bitcoin (CRYPTO: BTC) and other cryptocurrencies.

Shares of Google parent Alphabet surged to their highest level since July on Tuesday after the company unveiled a chip it said can complete computations in minutes that would take some of today's fastest supercomputers 10 septillion years.

Alphabet shares rose a day after Google said it developed a new chip that moves a step forward in the tech industry’s longtime dream of developing commercially relevant quantum computing. The chip, called Willow,