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.
More on Crypto
GenLayer Foundation Leads 27 Companies Launch Internet Court Standard for AI Agent Disputes
15 sources compared
Circle Wins Final OCC Approval To Establish Circle National Trust Bank
15 sources compared
Paul Grewal Steps Down As Coinbase Chief Legal Officer; Molly Abraham Named General Counsel
12 sources compared
Bitdeer Breaks Ground on $36 Million Sparks, Nevada Facility to Produce 10,000 Mining Rigs Monthly
10 sources compared