Quantum Threat Looms Over Bitcoin: IonQ CEO Sets Timeline for Encryption Breakthrough

Niccolo de Masi, CEO of IonQ, has reiterated his prediction that quantum computers will be able to hack Bitcoin's encryption by 2028. This timeline is sooner than many investors expected, and it's based on IonQ's research into the capabilities of current quantum machines.

In a recent interview with CNBC, de Masi explained that a 2,000-qubit machine could run an elliptic-curve encryption attack in under 26 days. He emphasized that this capability is not yet available, but it's getting closer. De Masi has been warning about the impending threat of quantum computers to public-key standards for months.

IonQ has accelerated its development of quantum processors, aiming to reach 10,000 qubits by 2027. The company's QKD product, ClavisXG Multiplex, is designed to protect existing fiber networks from quantum attacks.

De Masi acknowledged the tension between his company's role as a developer and investor in the quantum security space, and its own interest in profiting from the sale of quantum-resistant solutions. He emphasized that IonQ is committed to providing secure technology to protect against quantum threats.