Fresh research from Google and quantum startup Oratomic has revived an existential threat to Bitcoin. Their papers suggest a quantum computer with fewer than 500,000 qubits could potentially crack the blockchain's cryptography.
Charles Edwards of Capriole Investments warns a quantum hack would compromise crypto's core principles. He estimates 25%-30% of the total bitcoin supply is already vulnerable.
While the threat remains theoretical, Dragonfly's Haseeb says it puts a deadline in place: the network may need to upgrade to quantum-safe technology by around 2029.
This news compounds existing macro worries tied to the Iran conflict. Bitcoin has pulled back from highs above $68,000 to around $66,250.
While the broader market followed bitcoin lower, one token stood out. QRL, the native cryptocurrency of the Quantum Resistant Ledger, surged 40% in 24 hours, hitting a high of $1.62.
QRL describes itself as an enterprise-grade blockchain platform secure from quantum computing advances. It uses a quantum-safe signature scheme called XMSS, recognized by NIST, unlike Bitcoin's vulnerable elliptic curve cryptography.
The takeaway: Projects like QRL could draw more attention and gain market value as concerns about quantum threats grow.
