- The prices of Bitcoin, Ethereum, and other cryptocurrencies have fallen sharply over the past month.
- Bitcoin has dropped below the psychological $100,000 level, affecting other major cryptocurrencies.
- Ethereum cofounder Vitalik Buterin warns that elliptic curve cryptography, a key encryption method used by many cryptocurrencies, could be broken by quantum computers before 2028.
- Experts and investors express concern about the risk quantum computing poses to blockchain security and emphasize the need for urgent action.
- Developers are advised to prepare for quantum-resistant blockchain solutions by 2030 to mitigate future threats.
Cryptocurrency markets have seen a significant decline in the last month, with bitcoin, ethereum, and other digital assets losing value. Bitcoin’s price fell below the $100,000 mark, a critical psychological threshold, which has led to declines in ethereum and other major coins.
Quantum computing advancements have intensified concerns within the crypto community. Vitalik Buterin, cofounder of ethereum, expressed at the Buenos Aires Devconnect conference that elliptic curve cryptography—an essential element of bitcoin and ethereum security—might fail before the next U.S. presidential election in 2028. This form of cryptography helps secure cryptocurrencies from unauthorized access.
Recent breakthroughs by companies like Google and Microsoft in quantum computing hardware have brought the threat into sharper focus. Researcher Scott Aaronson noted in a blog post that a fault-tolerant quantum computer capable of running Shor’s algorithm could exist by 2028. Shor’s algorithm enables quantum computers to break the encryption that safeguards cryptocurrencies.
Crypto investor Nic Carter emphasized the urgency of addressing this issue, stating on X that the threat posed by quantum computing to blockchains requires immediate and intense action. Meanwhile, Alex Pruden, CEO of Project 11, a company focusing on quantum computing risks, warned on X that quantum computers at the necessary scale will fundamentally break cryptocurrency security.
Developers working on bitcoin and other blockchains have been advised to prepare for a “post-quantum world,” where current encryption methods are vulnerable. Théau Peronnin, CEO of Alice & Bob, told Fortune during the Web Summit conference that cryptocurrency networks will need to upgrade to quantum-resistant blockchains by 2030. He added, “You should have a few good years ahead of you but I wouldn’t hold my bitcoin. They need to fork [move to a stronger blockchain] by 2030, basically. Quantum computers will be ready to be a threat a bit later than that.”
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