Quantum Computer Threat to Bitcoin is Exaggerated: CryptoQuant Founder

Amid rising concerns about the risks quantum computers pose to the Bitcoin network, industry experts and big names continue to insist that the leading digital network is not in danger yet.

Such were the words of Ki Yung Ju, founder and CEO of the blockchain analytics platform CryptoQuant, in a tweet on December 18. Ju asserted that the quantum computer threat to Bitcoin is “hugely exaggerated” and overhyped.

The Quantum Computer Threat

Last week, Google unveiled its first quantum chip, Willow, marking a key milestone in an area the industry had struggled in for roughly 30 years. Willow can correct quantum errors exponentially with more bits, and the chip performs a computation in less than five minutes, which would take the fastest supercomputers ten septillion years.

Google’s latest feat sparked concerns about quantum computers compromising Bitcoin private keys, especially those of the network’s pseudonymous creator, Satoshi Nakamoto, whose wallets contain about one million bitcoins.

According to the CryptoQuant founder, the threat has been overestimated almost to a fraud level; however, the issue is less a threat and more of a preparation task.

Exaggerated to a Fraud Level

Young Ju tweeted a few days ago that quantum computers would not break the Bitcoin network in this decade or even the next. He urged market participants not to fall for baseless fear, uncertainty, and doubt (FUD), which stems from people who are ignorant about the whole situation.

Notably, the crypto analyst echoed the words of Adam Back, a cryptographer and investor in the Proof-of-Work (PoW) consensus algorithm used in the Bitcoin network. Given the rate of progress over the last 25 years, Back also insists that quantum computing will not threaten Bitcoin until the next 50 years.

The Cryptographer clarified that it would take millions of physical qbits all-entangled on a single quantum chip to pose a threat to Bitcoin private keys, and such progress could be seen after five orders of magnitude, which are years away.

Back cited a summary of quantum computers’ roadmap history and status from 2021, stating:

“Progress was hugely exaggerated. Almost fraud level to common understanding. Would still be very interested to see Dyakonov do an update for 2025 of last 4 years.”