Quantum Threat Looms Over Bitcoin as Zcash and Ethereum Gain Ground
The Bitcoin network's cryptography can be theoretically cracked by a powerful quantum computer. Such computers may exist within five years, and if one were used to crack Bitcoin's encryption, funds could be stolen from people's wallets.
About 34% of all Bitcoin is currently vulnerable to this risk, according to the authors of Bitcoin Improvement Proposal (BIP) 361. This proposal seeks to fortify the network against quantum computers but has not yet been implemented and won't activate until 2027, implying a 2032 finish.
Zcash and Ethereum are likely to become quantum secure before Bitcoin, which could drive their prices up if investors flee from vulnerable assets. To surpass Bitcoin's price of $1.7 trillion, Zcash would need a 64-fold gain relative to its current market cap of $26.5 billion, while Ethereum needs a 5.1-fold increase.