Key Points
- Crypto analyst Charles Edwards warns of the imminent threat quantum computing poses to Bitcoin.
- Edwards urges the need for a solution by 2026 to mitigate the quantum computing threat.
Crypto analyst Charles Edwards has issued a warning about the potential danger quantum computing presents to Bitcoin. He believes that steps must be taken sooner rather than later to address this threat.
The Quantum Computing Threat to Bitcoin
Over the past few months, discussions have arisen regarding the ability of quantum computers to crack Bitcoin’s ECDSA signatures using the Shor algorithm. On October 9, Edwards called on developers and key stakeholders to take immediate action on quantum computing upgrades that could have an impact on Bitcoin.
Edwards is of the opinion that 2026 is the ideal time to neutralize this threat. He noted that some significant Bitcoin holders have downplayed the potential danger of quantum-resistant upgrades, with some even suggesting that the quantum risk is over a decade away.
According to Edwards, such statements are being made to facilitate short-term Bitcoin price pumps. He emphasized that unless a solution is found for the quantum computing threat, Bitcoin’s price will never reach the projected $1 million mark.
Imminent Quantum Computing Disruption
Craig Gidney, a Quantum AI researcher at Google, is among those who have consistently raised concerns about the vulnerability of Bitcoin’s encryption. He highlighted the rapid advancements in quantum computing, suggesting that it’s only a matter of time before the inevitable happens.
Gidney revealed that breaking RSA encryption now requires 20 times fewer quantum resources than previously estimated. He stated, “I estimate that a 2048-bit RSA integer could be factored in under a week by a quantum computer with fewer than one million noisy qubits.”
In a 2019 paper, Gidney had estimated that such a breakthrough would require 20 million qubits and eight hours of computation. However, his recent estimate represents a significant revision.
