Bitcoin Faces Greater Quantum Computing Risk Than Ethereum, Citi Warns
Quantum computing progress is accelerating concerns over Bitcoin’s vulnerability compared to Ethereum. Recent breakthroughs suggest quantum attacks capable of breaking current encryption could arrive as early as 2030. Bitcoin is particularly exposed because public keys are revealed during transactions before they are confirmed, providing a potential window for attackers with quantum capabilities to steal funds. The immutability and decentralized governance of Bitcoin make transitioning to quantum-resistant cryptography challenging, as updates require broad network consensus and risk contentious hard forks. In contrast, Ethereum and similar proof-of-stake blockchains have more adaptive governance and a history of regular updates, better positioning them for protocol changes—though they are not immune to quantum risks. Bitcoin’s risk is heightened by a large amount of dormant coins with already exposed public keys, including coins attributed to its creator. Long-term resilience depends on a blockchain’s adaptability rather than current design, with Bitcoin proposals BIP-360 and BIP-361 highlighted as steps towards quantum resistance. Coordination challenges, not purely technical limitations, define Bitcoin’s quantum risk profile.
