Summary
- Bernstein, the U.S. investment bank, said quantum computing is unlikely to threaten the existence of cryptocurrencies such as Bitcoin (BTC).
- Bernstein said the rise of quantum computing is prompting tech companies and blockchain developers to respond, accelerating the broader evolution of the crypto industry.
- Bernstein said quantum risk is no longer a problem for a decade from now, and noted that responses are already underway across the industry, including by Bitcoin and Ethereum.
Forecast Trend Report by Period
Bernstein, the U.S. investment bank, said quantum computing is unlikely to pose an existential threat to cryptocurrencies such as Bitcoin.
DL News reported on April 8 that Bernstein wrote in a recent investor note that quantum-computing risk is neither an existential threat to Bitcoin nor a new issue. The bank added that the problem is not unique to crypto. Instead, it said, advances in quantum computing are prompting tech companies and blockchain developers to respond in parallel, accelerating the broader evolution of the crypto industry.
Google said in a report last month that future quantum computers could break the cryptographic systems used by cryptocurrencies such as Bitcoin and Ethereum in about nine minutes. The company also said it plans to redesign most of its authentication and digital-signature systems with post-quantum technology by 2029.
The crypto industry is ramping up its response. Bitcoin developers are pursuing proposals including BIP-360 to counter quantum computing. The Ethereum Foundation has also recently released a security roadmap for the quantum era. Bernstein said quantum risk has reached a stage where it can no longer be viewed as a problem for 10 years from now.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
