Quantum computers are a threat that the crypto industry shouldn’t ignore. | Credit: Marijan Murat/picture alliance via Getty Images
Bitcoin (BTC) has long been hailed as one of the most secure financial networks in the world.
However, recent advancements in quantum computing are raising questions about the durability of its cryptographic foundations.
Still, Michael Saylor, Executive Chairman of Strategy and one of Bitcoin’s most vocal advocates, remains unconcerned.
In fact, he argues that traditional tech giants and banking systems have more to fear from quantum advances than Bitcoin does.
However, in an exclusive interview with CCN, Chris Erven, co-founder and CEO of KETS Quantum Security, said leaders who are “underestimating” or “completely ignoring” the threat of quantum computers are putting the safety of their users’ portfolios in danger.
Quantum Computing Bitcoin Threat
On May 22, Google Quantum AI researcher Craig Gidney published a research paper suggesting that RSA encryption could be broken using 20 times fewer quantum resources than previously estimated.
“We published a preprint demonstrating that 2048-bit RSA encryption could theoretically be broken by a quantum computer with 1 million noisy qubits running for one week,” Gidney wrote .
While the paper did not specifically mention cryptocurrencies, many rely on Elliptic Curve Cryptography (ECC), a form of public-key cryptography that, like RSA, would be vulnerable to a sufficiently advanced quantum computer.
Cryptocurrencies such as Bitcoin and Ethereum use ECC to secure transactions, which would take traditional computers millions of years to break.
However, quantum computers, which can perform millions of calculations simultaneously, could theoretically crack them much faster, posing a substantial threat to blockchain security.
What If Quantum Computing Breaks Crypto Encryption?
If quantum computers become powerful enough to reliably break ECC and other public-key cryptography methods, the consequences for the crypto ecosystem could be catastrophic.
In a worst-case scenario, attackers could derive private keys from public ones, allowing them to steal funds directly from wallets or potentially hijack entire blockchain networks.
Trust in the security of cryptocurrencies could collapse, and billions of dollars in assets could be lost.
Although this scenario remains theoretical, it has ignited pressing concerns across the crypto industry.
Saylor Dismisses Quantum Threat
Despite growing concern, Strategy CEO Saylor isn’t alarmed.
In a recent interview with CNBC, the Bitcoin bull said fears surrounding quantum computing are exaggerated.
“It’s mainly marketing by people that want to sell you the next quantum yo-yo token,” Saylor said.
Saylor said that crypto owners are 10,000 times more likely to be caught in a phishing attack than with quantum computing, claiming attackers are more likely to hack Big Tech.
“It’s the hardest thing in the universe to hack,” said Saylor.
“They will hack your banking system, your Google account, your Microsoft account, and every other asset you have much sooner because they’re an order of magnitude weaker,” he added.
The Strategy CEO argued that companies like Google and Microsoft would never release quantum computers capable of breaking current cryptography, as it would also endanger their own infrastructures, as well as the broader financial system.
“Google and Microsoft aren’t going to sell you a quantum computer that cracks modern cryptography because it would destroy Google, Microsoft, the U.S. government, and the banking system,” he said.
Saylor believes quantum computing will not pose a legitimate threat to Bitcoin for at least another decade, possibly two.
And when it does, he believes Bitcoin will simply upgrade its security protocols, just like other digital systems.
Quantum Security CEO Warns of Danger
While Saylor shrugs off concerns, Dr. Chris Erven, co-founder and CEO of KETS Quantum Security, has delivered a fierce warning to CCN.
Erven said that major players in the crypto space are underestimating just how close the danger may be, and just how devastating the consequences could become.
“Cryptocurrency leaders that are underestimating, or completely ignoring, the threat of quantum computers are putting the safety of their users’ portfolios in danger,” said Erven.
“Realistically, a quantum computer will come online in the next five years. When that happens, all the data held by governments and organisations who aren’t quantum secure will be readily available.”
Erven said that includes the world of crypto, where users could realistically log in to their digital wallets and find they’ve been emptied without warning.
“The blockchain systems that cryptocurrency platforms are built on use common cryptographic tools, such as SHA-256, RSA, ECDSA and ECDH,” Erven explained.
“This same suite of tools form the basis of many other network applications consumers use every day, from their internet browsers, through to online banking,” he added.
Although efforts are underway to integrate post-quantum cryptographic standards into digital assets and broader internet infrastructure, progress remains slow and the future of these protections is uncertain.
“There is work being done to add post-quantum cryptography to popular crypto platforms,” he noted.
“The timeframe for these being live is unclear though and these algorithms are only conjectured to provide security, so we might be back at the same problem in only a few short years.”
Experts Offer a More Measured View
Despite the stark warning from Erven, some experts have taken a more cautious approach.
Bernard Marr, a technology advisor and author, acknowledges the threat but emphasizes that crypto is not static.
“In theory, yes, if Bitcoin failed to adapt and quantum computers suddenly became powerful enough to break its encryption, its value would plummet,” Marr wrote in Forbes.
“But this assumes crypto stands still while quantum computing advances, which is highly unlikely.”
He added that the cryptographic community is already preparing for the quantum era, and the financial incentives to safeguard Bitcoin are massive.
“The quantum threat is real, but so is the work being done to prevent it,” Marr noted.
Nick France, CTO of digital identity firm Sectigo, agreed that the threat is real but sees broader implications for digital wallets and identities.
“Digital wallets expose a treasure trove of financial data if not secured properly,” France said.
“Lost phones with weak PINs, malware, social engineering scams, and even seemingly secure biometric authentication can be compromised with sophisticated spoofing techniques.”
France stressed that quantum computing could magnify these existing vulnerabilities and called for a “multi-pronged approach” to digital security.
“Robust authentication methods like MFA and biometrics are useful, and Public Key Infrastructure (PKI) plays a vital role by verifying the identities of users and merchants,” he added.
“Collaboration between financial institutions, tech providers, and regulators is essential to protect not just wallets, but the digital identities that underpin them.”
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