Google Warns Quantum Computers Could Break Bitcoin by 2029, Market Reacts
Key Takeaways
- Google's research indicates elliptic-curve cryptography could be broken with far fewer qubits.
- Threat could materialize by 2029, accelerating calls for quantum-safe upgrades.
- Findings reduce required resources to crack crypto, tightening risk window.
Google Lowers Quantum Threshold
Google's Quantum AI team published research indicating quantum computers could break Bitcoin's elliptic-curve cryptography with fewer than 500,000 quantum qubits.
“Some quantum-resistant tokens jump 50% as Google flags risks to Bitcoin security The so-called quantum-resistant coins rally as traders switch to potential long-term security”
They estimated such an attack could derive a private key in under nine minutes.
Google set a 2029 target for transitioning blockchain ecosystems to post-quantum cryptography.
Quantum-Resistant Tokens Surge
The market reacted with short-term gains for quantum-resistant tokens.
QRL surged 50% and Cellframe rose 40%.
Leading coins like Bitcoin showed resilience.
$600 Billion at Quantum Risk
The attack surface could be around $100 billion for Ethereum and over $500 billion for Bitcoin and stablecoins combined.
Google used a zero-knowledge proof method to verify resource estimates.
The goal was to responsibly balance transparency and security.
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