From 24/7 Wall St. · Sam Daodu · · 1m 10s
Quantum Threat to 7.1 Million Bitcoin Wallets
Quantum computers could crack 7.1 million Bitcoin wallets by 2028, but ETF outflows drive price more than quantum fears.
In brief
Quantum computers could crack 7.1 million Bitcoin wallets by 2028, but ETF outflows drive price more than quantum fears. Quantum computers might crack 7.1 million Bitcoin wallets by 2028, but Bitcoin's price is more affected by ETF outflows than quantum risks. Originally reported by 24/7 Wall St..
Quantum Threat to Bitcoin Wallets
Glassnode reported 7.12 million Bitcoin with public keys vulnerable to quantum computers.
“35.4% of all Bitcoin (CRYPTO:BTC), about 7.12 million coins worth some $521 billion, has a public key that a future quantum computer could potentially crack”
Bitcoin Price Context
Bitcoin trades at $73,227, down 41.9% from its all-time high of $126,080.
“Bitcoin trades at $73,227, down 41.9% from its all-time high of $126,080”
Quantum Risk Timeline
IonQ expects quantum computers to crack Bitcoin keys by 2028, with a 28-49% chance within the next decade.
“IonQ (NYSE:IONQ) CEO Niccolo de Masi said in September that he expects quantum computers to crack Bitcoin keys by 2028”
ETF Outflows Impact
Spot Bitcoin ETFs posted $201 million net outflow on November 9, driving price down.
“SoSoValue reported a $201 million net outflow on November 9”
Wallet Types and Risks
20,000 early Bitcoin addresses linked to Satoshi Nakamoto hold roughly 1 million BTC.
“About 20,000 of those early addresses, linked to Bitcoin’s creator, Satoshi Nakamoto, hold roughly 1 million BTC”
Quantum Protection Measures
BIP-360 proposal aims to protect against quantum attacks by using new address generation.
“BIP-360 is a proposed soft fork that would protect against attacks on long-exposed keys”
Exchange Security Updates
Coinbase upgrading custody to protect against quantum threats.
“Coinbase (NASDAQ:COIN) CEO Brian Armstrong said during the company’s October 29 earnings call that the exchange is upgrading its custody to protect against quantum threats”
Price Support Levels
Bitcoin holds above 200-day average of $73,162, a key support level for traders.
“Bitcoin holds just above its 200-day average of $73,162, a level many traders treat as key support”
The headline
Quantum computers might crack 7.1 million Bitcoin wallets by 2028, but Bitcoin's price is more affected by ETF outflows than quantum risks.
