Researchers warn quantum computing could crack Bitcoin encryption by 2030-2032, exposing 7 million dormant coins with exposed public keys.
Citi analysts have identified Bitcoin as more exposed to quantum computing threats than Ethereum, citing governance challenges in implementing fixes. Recent advances have accelerated the timeline for potential attacks to 2030-2032, raising concerns over structural vulnerabilities in Bitcoin’s transaction process.
An estimated 6.7–7 million Bitcoin in dormant wallets have public keys already exposed, making them prime targets. Google’s research suggests a 500,000-qubit machine could break current encryption within minutes, though such technology does not yet exist. Analysts note that estimates for quantum computing breakthroughs are being revised downward.
The disparity between Bitcoin and Ethereum stems from Bitcoin’s reliance on a difficult governance consensus to address the issue. Ethereum’s more flexible upgrade process may allow faster adaptation to quantum threats, according to the report.