Quantum computing poses a threat to more than just crypto. A new report from Project Eleven warns that up to $3 trillion in digital assets, plus banking systems, cloud infrastructure, and military communications, are vulnerable to attack.
The report, authored by CEO Alex Pruden and CTO Conor Deegan, says cryptographically relevant quantum computers-so-called "Q-Day"-could arrive as early as 2030, and likely by 2033. These machines could use Shor's algorithm to derive private keys from public keys, enabling attackers to forge signatures and take control of wallets, accounts, and entire blockchains.
While the technical solutions exist, the report says the real challenge is coordination. "The gap is not technical," it states. "The gap is entirely coordination, urgency, and willingness to accept the costs of migration."
Bitcoin faces an especially difficult path. The SegWit upgrade took two years and caused a contentious chain split. Post-quantum migration would be far more complex, requiring coordinated action across users, exchanges, custodians, and miners.
Pruden has suggested "recycling" up to 6.9 million vulnerable BTC tokens-worth roughly $500 billion-back into Bitcoin's supply curve rather than risk a quantum attacker sweeping them. That idea, however, creates tension between Bitcoin's fixed-supply ethos and its commitment to property rights.