Galaxy: Quantum Computing Poses a Real Threat to Bitcoin, But Not an Immediate Crisis

According to CoinDesk, Alex Thorn, Research Director at Galaxy Digital, stated that quantum computing poses a real threat to Bitcoin, but it does not currently constitute an imminent crisis, and investors should not mistake this long-term technological challenge as a reason to immediately avoid Bitcoin. Thorn noted that the current risk is limited to specific addresses with publicly exposed public keys, including reused addresses, assets held by certain custodians, and addresses using older format standards. Analysis by the security group Project Eleven shows that approximately 7 million BTC (valued at around $470 billion at recent prices) are in such "long-term exposure" states, yet remain secure under current quantum computing capabilities. In terms of mitigation, developers have advanced several solutions, including introducing new address types based on post-quantum cryptography, implementing a "hourglass" mechanism to restrict spending from addresses with permanently exposed public keys, and pursuing a phased upgrade path that fundamentally reduces the broadcasting of public keys in transactions.