Time Runs Out for Bitcoin to Counter Quantum Threat, Putting 6.9 Million BTC at Risk

While not all aspects of bitcoin are vulnerable to quantum computers, ownership is at significant risk. Quantum computers can potentially break the math protecting bitcoin wallets, allowing unauthorized access and transactions. Approximately 6.9 million bitcoin, including those owned by Satoshi Nakamoto, are exposed due to their public keys being visible on the blockchain. A quantum attacker could target these wallets without needing to rush, as they can work through them at their own pace. The recent Taproot upgrade has expanded the problem by publishing keys for any spent bitcoin, making them susceptible to quantum attacks. Although there are proposals, such as BIP-360 and a detection system by BitMEX Research, to address the issue, bitcoin's lack of a formal governance process and central authority makes coordination and implementation challenging. In contrast, Ethereum has had a formal quantum-resistant program since 2018 and is actively working on migrating to quantum-safe math. The clock is ticking for bitcoin to find a solution before quantum computers become powerful enough to launch a successful attack, potentially draining millions of bitcoin from vulnerable wallets.