CoinShares said fears that quantum computing could soon threaten bitcoin are overstated, arguing that only about 10,230 BTC sit in wallets realistically worth attacking.
The firm’s bitcoin research lead, Christopher Bendiksen, said most quantum-vulnerable coins are held in addresses with publicly exposed keys, amounting to roughly $719 million at current prices.
“Even in the most outlandishly optimistic scenario of technological progression in quantum computing,”
Bendiksen said, wallets holding under 100 bitcoin would each take about a millennium to crack.
He said the theoretical risk stems from quantum algorithms such as Shor’s and Grover’s, which could weaken bitcoin’s cryptography but cannot alter its 21 million supply cap or bypass proof-of-work.
Bendiksen added that breaking bitcoin’s security would require millions of fault-tolerant qubits, far beyond the roughly 105 qubits demonstrated by Google’s latest quantum system.
The debate has split the bitcoin community, with figures such as Michael Saylor and Adam Back dismissing quantum risks as decades away.
Others, including Charles Edwards, argue quantum computing poses a longer-term existential threat and say bitcoin may eventually need a quantum-resistant upgrade.
At the time of reporting, Bitcoin price was $70,785.69.