Quantum Computing Set to Disrupt IBM Revenue and Expose $437 Billion in Bitcoin
IBM CEO Arvind Krishna has set a target of 2028-2029 for quantum computing to measurably impact IBM's revenue, and projects $1 trillion in value from the technology by the late 2030s. This forecast suggests that quantum hardware is commercializing faster than many Bitcoin holders assumed. Meanwhile, Google research has shown that it would only take around 500,000 qubits to break elliptic-curve cryptography, a significant reduction of about 20 times.
The exposure is substantial, with over 34% of Bitcoin's supply - approximately $437 billion worth of BTC - held in addresses with publicly revealed keys. However, the migration path for addressing this issue remains contested, with no agreed-upon solution yet in place. Despite this, institutional players are starting to take action.
Galaxy Digital has launched its Bitcoin Quantum Readiness Initiative, committing up to $5 million in developer grants, while Coinbase has set up an Independent Advisory Board on Quantum Computing. Nine institutions have formed the Bitcoin Security Consortium, pledging a total of $15 million to address these security concerns.