Quantum Computing Threat Looms Over Bitcoin by 2028
Fundstrat co-founder Tom Lee has sparked discussions about the potential threat of quantum computers to Bitcoin's security. According to Lee, powerful quantum computers could become advanced enough by 2028 or 2029 to break parts of Bitcoin's current security system. This would enable attackers to steal coins from certain older wallets that have exposed public keys.
However, several Bitcoin developers disagree with Lee's warning, pointing out that Bitcoin does not rely on traditional encryption for processing transactions. Instead, it uses digital signatures to prove ownership of coins. They also argue that quantum computers cannot simply break every Bitcoin wallet overnight.
The main concern lies in older Bitcoin addresses, which are vulnerable to attacks by future quantum computers. Researchers estimate that around 30% to 35% of all Bitcoin, or roughly 7 million BTC, could fall into this category because the coins are stored in older or reused addresses.