What will quantum computing do for bitcoin?

As an expert in the field of cryptocurrency and finance, I'm intrigued by the potential impact of quantum computing on Bitcoin. Could you elaborate on the potential consequences of this technology on the world's largest cryptocurrency? Will it render Bitcoin's encryption obsolete, making transactions vulnerable to hackers? Or will it usher in a new era of security and efficiency for Bitcoin and other cryptocurrencies? I'm eager to understand the nuances of this complex and evolving landscape.