A Looming Threat to Bitcoin: The Risk of a Quantum Hack

Researchers warn a quantum-computing attack on cryptocurrency would cause trillions in losses

By Alexander Osipovich

https://twitter.com/aosipovich

[email protected]

Updated Dec. 23, 2024 12:16 am ET

Bitcoin's rally faces a risk that isn't on the radar of most crypto investors: quantum computing.

The nascent technology, which drew attention this month after Google claimed a breakthrough with its new Willow quantum-computing chip, could one day enable hackers to break the encryption that keeps bitcoin secure. Such a hack could torpedo bitcoin's price, by allowing thieves to swipe coins out of supposedly secure digital wallets.

{paywall}