Bernstein: Quantum computers not an existential threat to crypto

The emergence of quantum computers will be a catalyst for technological evolution rather than an existential threat to Bitcoin, according to an analysis by Bernstein. In a recent report, the firm stated that the risk is not existential or new and is not limited to cryptocurrencies, DL News reported. Previously, Google researchers projected that quantum computers could theoretically break the encryption used by assets like Bitcoin in a short amount of time. In response, Bitcoin and Ethereum developers are pursuing quantum resistance through the BIP360 proposal and network upgrade roadmaps, respectively. Chaincode Labs has warned that a delayed response could leave up to 50% of all Bitcoin, valued at around $900 billion, vulnerable. However, Coinkite CEO Rodolfo Novak emphasized that while there is no short-term threat, the upgrade itself will take years, making it necessary for the community to begin preparations.