Wall Street Analyst: Bitcoin Quantum Threat Real but Distant

Odaily News Benchmark analyst Mark Palmer stated in a report on Thursday that the threat of quantum computing to Bitcoin is real but remains in a distant stage, and Bitcoin has sufficient time and technical flexibility to upgrade. The report pointed out that Bitcoin's main vulnerability lies not in the SHA-256 hashing algorithm, but in the Elliptic Curve Digital Signature Algorithm (ECDSA) that protects private keys.

Mark Palmer emphasized that there are currently no quantum computers capable of cracking ECDSA, and none are expected to emerge within the next 10 to 20 years. Currently, approximately 1 to 2 million Bitcoins are theoretically at risk of attack, including tokens from the Satoshi Nakamoto era and reused wallets. Coinbase's establishment of a Quantum Advisory Committee this month signals that the industry is shifting from theoretical discussions to institutionalized risk management.