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Citigroup: Quantum computing breakthroughs are accelerating, and Bitcoin faces "excess quantum risk"

MeNews
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ME News Report, May 18 (UTC+8), Citibank stated in its latest report that the progress of quantum computing technology is faster than market expectations, accelerating the potential security risks faced by cryptocurrencies and internet infrastructure, with Bitcoin considered one of the assets with the "highest risk exposure." The report pointed out that the elliptic curve cryptography system ECDSA currently used by Bitcoin could theoretically be cracked by sufficiently powerful quantum computers. Attackers may in the future deduce private keys from publicly available public keys, thereby forging transactions and stealing assets. Citibank analyst Alex Saunders said that because Bitcoin's governance mechanism is relatively conservative and protocol upgrades are slower, it is more difficult to quickly implement quantum-resistant upgrades compared to PoS networks like Ethereum. The report estimates that about 6.5 million to 6.9 million BTC are at potential quantum risk due to exposed public keys, accounting for roughly one-third of the current circulating supply, valued at approximately $450 billion at current prices. This includes some early P2PK addresses and wallets believed to belong to Satoshi Nakamoto. Citibank also warns of the "Harvest Now, Decrypt Later" risk, where attackers collect encrypted data now and decrypt it once quantum computing power matures in the future. However, Citibank remains optimistic about the long-term adaptability of the crypto industry, believing that blockchain can still transition through post-quantum cryptography and protocol reconstruction. The report mentions that the Bitcoin community is discussing upgrade proposals BIP-360 and BIP-361, which are worth paying attention to. (Source: BlockBeats)
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