Bitcoin Must Prepare for Quantum Threat Now, Coinbase Says

Coinbase’s quantum advisory council has released a report urging blockchain developers to begin preparing for a post-quantum future, warning that Bitcoin and Ethereum networks face significant risks. The council estimates that approximately 7 million Bitcoin—including long-abandoned funds—could be vulnerable to quantum attacks due to exposed public keys and address reuse. While no quantum computer currently exists capable of breaking blockchain cryptography, researchers suggest a "cryptographically relevant" device could emerge as early as 2030. The report identifies three options for handling coins that fail to migrate to quantum-safe addresses: permanently freezing or burning them, allowing users to decide, or implementing transitional measures like transaction limits. The council emphasizes that these approaches are compatible and could be combined. The debate follows Ethereum Foundation’s January announcement of a dedicated post-quantum security team, signaling growing industry concern over the threat. The advisory council, launched in January, includes experts from Stanford University, the University of Texas at Austin, the Ethereum Foundation, and other institutions. It argues that the crypto community must act now rather than wait for consensus on the timing of quantum threats. Many vulnerable Bitcoin are believed to be Satoshi’s coins or funds with lost private keys, further complicating resolution. The report stresses that the technical work of upgrading networks should not be delayed by debates over abandoned coins. Without action, millions of Bitcoin could become irretrievable if quantum attacks materialize. The council’s recommendations aim to balance security with blockchain principles, though challenges remain in enforcing migrations without violating user rights.