Bitcoin Security Consortium Forms to Combat Quantum Computing Threat

A group of top financial institutions and crypto companies have formed a new Bitcoin Security Consortium to combat potential threats to the cryptocurrency's security, particularly from quantum computing.

The consortium has the backing of major financial institutions, including BlackRock, which holds roughly 3.5% of all Bitcoin, as well as top crypto companies like Coinbase Global and Strategy, formerly known as MicroStrategy.

The group aims to spend at least $15 million over the next three years on mitigating the quantum threat, which could allow super-powerful computers to break Bitcoin's cryptography and compromise the blockchain ecosystem.

The potential AI threat is also a concern, with researchers warning that artificial intelligence could potentially crack post-quantum signatures used by some cryptocurrencies.