Quantum computing has resurfaced in discussions surrounding Bitcoin, raising new worries about its future security against potential blockchain threats.

Jameson Lopp, the co-founder and Chief Security Officer at Casa, maintains that Bitcoin is currently safe from quantum computing attacks.

Are Worries Over Quantum Justified?

Recently, Lopp tweeted to clarify that quantum computers aren’t an imminent threat to Bitcoin, attempting to alleviate the growing anxiety over this issue. He emphasized that while advancements in quantum computing are constantly monitored, present technology remains inadequate to compromise Bitcoin’s encryption.

Nevertheless, Lopp points out that the process of bolstering Bitcoin’s framework for a post-quantum world will be neither swift nor simple. He suggests that implementing crucial protocol modifications and conducting a comprehensive migration of digital assets might require five to ten years.

“We should hope for the best, but prepare for the worst.”

Grayscale echoed this perspective recently in their latest report, also noting that significant quantum threats are unlikely to noticeably affect crypto markets by 2026, despite ongoing fears regarding the long-term effects of the technology.

While theoretically, sufficiently advanced quantum computers could dismantle existing cryptographic systems, Grayscale believes that this capacity is still far off, anticipated only after 2030. They expect both research into post-quantum cryptography and the readiness of the network to advance, but stress that these developments won’t likely sway digital asset valuations or market behaviors from an investment standpoint.

Are Risks Being Downplayed?

Conversely, Ethereum co-founder Vitalik Buterin has warned that the risks posed by quantum computing to blockchain encryption may be more immediate than commonly perceived, estimating a 20% probability that quantum computers might breach current cryptographic protections by 2030.

Charles Edwards, the founder of the quantitative Bitcoin fund Capriole, also raised concerns regarding the dismissal of quantum computing hazards, suggesting that downplaying these threats could have dire ramifications for Bitcoin’s future. He articulated that a substantial bear market might be necessary to compel the community to acknowledge this risk and push for necessary network upgrades.

Edwards warned that if Bitcoin doesn’t implement a quantum-resistant solution by 2028, prices could plummet below $50,000 and continue to decline until the issue is addressed. He urged for prompt action as soon as possible, warning that failure to act could usher in the largest bear market Bitcoin has ever faced, overshadowing previous downturns like those of FTX.