'Existential Crisis': Bitcoin Quantum Computing Threat Is Fast Approaching, Experts Say
Concerns about quantum computing's impact on Bitcoin have intensified among cryptographers and business leaders. A powerful quantum computer could reverse-engineer private keys, potentially flooding exchanges with Bitcoin and causing price crashes. Experts believe the Bitcoin community has less than a decade to develop contingency plans. A recent Google research paper suggests that breaking RSA encryption may require significantly fewer resources than previously thought. Approximately 25% of Bitcoin's circulating supply, worth nearly $42 billion, is vulnerable to quantum attacks. Proposed solutions include BIP 360, which introduces post-quantum cryptography address types, and an "hourglass" approach to manage vulnerable transactions. The community faces a significant coordination challenge to secure assets and mitigate market impacts from potential quantum threats.
