Concerns about quantum computers hacking the Bitcoin network are greatly exaggerated, according to Alex Thorn, head of research at Galaxy Digital, in an interview with CoinDesk.
However, Thorn acknowledged that the threat is real. In theory, a sufficiently powerful quantum computer could compute a private key from a public one, allowing attackers to forge signatures and steal funds. He emphasized that it is a mistake to consider this scenario inevitable or unique to Bitcoin.
Analysts at Project Eleven estimated that around 7 million BTC could be vulnerable. This refers to coins whose public keys have already been exposed on the blockchain due to address reuse or storage in outdated wallet formats.
The majority of existing assets are secure, as current technology poses no threat to them.
Galaxy noted that the developer community is already preparing preventive measures:
- New types of addresses: Work is underway to implement post-quantum cryptography, enabling users to transfer funds to secure addresses;
- Restrictions for old coins: Mechanisms are being discussed to gradually limit the spending of "sleeping" bitcoins with exposed keys. This would reduce systemic risks without confiscating assets.
Thorn stressed that we are still far from having computers capable of breaking modern encryption. Bitcoin's open architecture will allow the network to adapt well before any potential crisis.
“Quantum computing is a powerful technology, but that doesn’t mean every risk is immediate or unmanageable. Bitcoin developers are not ignoring the problem; they are actively working on it,” Thorn concluded.
In February, analyst Willy Woo suggested a potential release of 4 million BTC onto the market following a quantum computer hack of the first cryptocurrency.
CoinShares estimated the actual scale of the quantum threat at just 10,200 BTC