Financial Giants Unite to Secure Bitcoin from Quantum Threat

A new consortium, the Bitcoin Security Consortium, has been formed by top financial institutions and crypto companies to address the long-term security and resilience of the Bitcoin blockchain ecosystem.

The group plans to spend at least $15 million over three years on addressing this issue, with a major focus being preparing Bitcoin for the era of quantum computing.

The so-called 'quantum threat' has been a growing concern for Bitcoin investors, as super-powerful computers could potentially break Bitcoin's cryptography and compromise its security.

According to researchers at Alphabet, 6.7 million BTC (out of 20 million currently circulating) could be at risk if quantum computers break Bitcoin's cryptography.

Cathie Wood of Ark Invest counters that the ability of quantum computers to do so is still many years away, and the value at risk may be lower than estimated.