CoinShares: Bitcoin's Quantum Threats Are Overstated

CoinShares' New Report Draws Attention

CoinShares has published a report stating that potential quantum computer threats to Bitcoin are at lower levels than previously thought. According to the report, most of the existing concerns are exaggerated, and only a small portion of Bitcoin's supply could be genuinely affected by this threat.

The report indicates that approximately 1.6 million Bitcoins (about 8% of the total) are held in old P2PK addresses. However, only 10,200 Bitcoins are concentrated enough to cause a significant market disruption if stolen.

Development Timeframes of Quantum Computers

CoinShares emphasizes that approximately 100,000 times more powerful fault-tolerant quantum computers than current ones would be required to break Bitcoin's encryption. This suggests that the quantum risk is not an immediate crisis but a long-term engineering problem.

As a result, it is stated that this threat could be mitigated by gradually adopting post-quantum signatures.