Bitcoin Consortium Forms to Counter Quantum Computing Threat

A new consortium has been formed by top financial institutions and crypto companies to combat the threat of quantum computers breaking Bitcoin's cryptography.

The Bitcoin Security Consortium, backed by BlackRock and Coinbase Global, plans to spend at least $15 million over three years to prepare Bitcoin for the coming era of quantum computing.

This comes after researchers at Alphabet warned in March that 6.7 million BTC could be at risk if quantum computers break Bitcoin's cryptography.

Cathie Wood of Ark Invest believes the ability of quantum computers to break Bitcoin's cryptography is still many years away, and the value at risk may be significantly lower than estimated.