Bitcoin's Quantum Problem: Millions of Coins at Risk from Future Attack

A group of top cryptographers has warned that millions of vulnerable Bitcoin coins could be at risk if a future quantum computer were to attack the network. The council, convened by Coinbase, emphasizes that this is not currently a threat but urges the community to begin technical planning for post-quantum signatures now.

Roughly 1.7 million early Bitcoin held in pay-to-public-key addresses and another 5 million exposed through address reuse could eventually be vulnerable to quantum attacks, potentially causing price shocks and raising questions about property rights.

The council declines to take a position on whether unmigrated coins should eventually be frozen, instead stressing that compatible solutions can be combined and users need clear communication from the Bitcoin community.