Bitcoin and Crypto Face Quantum Threat, Galaxy Digital Warns

Bitcoin and other cryptocurrencies could be more vulnerable to quantum computing attacks than previously thought, according to Galaxy Digital’s Head of Research, Alex Thorn. He warns that the quantum threat is “bigger than people tend to realize,” and that current mitigation options for Bitcoin are “worse than people realize.” His comments come amid rising concerns over the future of public key cryptography in the face of rapid advancements in quantum technology.

Thorn emphasized that the threat is not exclusive to Bitcoin but extends to all cryptocurrencies using public key cryptography. “To be clear, the quantum attack to which Bitcoin is vulnerable is one that affects all types of public key cryptography. And all cryptos,” he said. This vulnerability is a growing concern, especially as breakthroughs like Microsoft’s Majorana 1 chip bring the possibility of practical quantum computing closer to reality.

One of the most alarming aspects, Thorn notes, is that users might not even be aware when a quantum-based attack occurs. He further described such an incident as potentially rising to the level of a national security issue. The concern is echoed by notable cypherpunk Jameson Lopp, who recently suggested burning quantum-vulnerable cryptocurrencies to prevent future threats.

The crypto community has long been aware of quantum computing as a theoretical risk, but Thorn’s warning reignites urgency in the debate. With developments in quantum hardware accelerating, the timeline for action may be shorter than expected. While post-quantum cryptography research is underway, no widely accepted solution has yet emerged.

As quantum computing advances, so does the pressure on blockchain networks to future-proof their systems. Without robust solutions, the integrity of the entire crypto ecosystem could be at stake.