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The quantum threat to Bitcoin (BTC) and other crypto assets is growing more pronounced amid repeated warnings from blockchain security firms. Despite red flags, actual developments remain stalled, causing jitters among holders.
Two Years Wiped Off Timeline
A new report suggests the quantum threat is closer than ever and could break the cryptographic code as early as 2030. This comes on the heels of previous reports from Google researchers and crypto experts placing the timeline at 2032.
Quantum security firm Project Eleven believes that modern technology and recent hardware could put billions of assets at risk within four years. As the potential safety net shrinks, users worry that the entire industry is unprepared for a sudden change.
Approximately 6.9 million BTC are at risk, while 65% of ETH could also be exposed. According to the report, blockchains lack safety nets such as fraud departments found in centralized organizations. If a bad actor gets hold of the private key, the loss becomes permanent.
A major bottleneck is the slow-paced blockchain governance procedure. While centralized web architecture is being implemented, crypto devs have reported little progress. Cloudflare data shows that over 50% of web traffic is post-quantum-encrypted and ready to withstand threats.
 
“Migration to quantum-resistant cryptography is no longer optional but imperative for any blockchain system expected to be trusted and secure into the future. The internet has already moved. The digital asset industry, which arguably has more at stake because blockchains directly protect bearer value with the exact cryptographic primitives that quantum computers threaten, has barely started.”
Project Eleven researchers noted that deployments in the ecosystem should be swift and without delay. Bitcoin proposals are always slow because of its decentralized nature. The SegWit upgrade took two years before activation, while Ethereum’s proof-of-stake transition spanned years to final deployment.
Given these timelines, blockchains are at risk, considering the hurdles on the way. Last month, developers raised the issue of old Satoshi Bitcoins that might slow down the decision-making process.
In a related development, NEAR Protocol advised development teams to consider vetting the ownership of lost assets. Per the statement, communities might be unable to identify the rightful owner of assets, leading to decisions that could compromise wallets.
Quantum threats to Bitcoin have become more pronounced in recent weeks as stakeholders try to avoid losses. While activity creeps, a cross-section of the market believes devs and communities will meet the timeline across major tokens.