According to Project Eleven’s Wednesday report, quantum computers could break modern encryption as early as 2030, with the startup estimating that 6.9 million bitcoins, worth more than $560 billion, could be exposed to quantum risk under certain conditions.
The post-quantum security-focused startup said a breakthrough is “more likely than not” by 2033, predicting that quantum advancements will occur in sudden leaps rather than gradual progression. Last month, a researcher demonstrated this potential by deriving a 15-bit elliptic curve key using quantum hardware, though this remains far from the 256-bit encryption currently used in cryptocurrencies like Bitcoin.
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