Crypto Industry's Quantum Conundrum May Accelerate Blockchain Adoption
The threat of quantum computing has been a concern for the crypto industry, but it may actually accelerate Wall Street's adoption of blockchain technology.
Many in the crypto industry believe that public blockchains like Bitcoin will be vulnerable to quantum-based attacks that could wipe out trillions of dollars. However, this view is misguided, as the threat is real but the conclusion, that quantum will kill crypto, is wrong.
The real risk is not to blockchains, but to much of the internet and its existing encryption defenses. Hundreds of trillions of dollars' worth of assets and sensitive private data are exposed to Q-day, or the moment when quantum machines can pick locks. Governments have responded by mandating action plans to prepare, but it's the crypto industry that seems most capable of meeting the challenge.
The industry has faced constant attack from malicious actors and has learned to become survivors, constantly patching up vulnerabilities and anticipating threats. Legacy financial systems, on the other hand, are prone to rolling out insufficient responses to pressing challenges. The SWIFT network took seven years to modernize its messaging technology, and a planned revamp of the Federal Reserve's high-value wire system began in 2015 but only managed to cross the finish line in July 2025.
The crypto industry has been working on post-quantum readiness for some time. Ethereum, known for prioritizing decentralization over speed, has laid out 2029 as when it will be quantum ready. New startups are building novel post-quantum picks and shovels, ranging from wallets to payment infrastructure.