The quantum risks that Bitcoin investors face are real, but not all wallets are at risk, and the people who are best placed to deal with them are working to solve them, says Galaxy Digital research analyst Will Owens.
In theory, a quantum computer could derive private keys from public keys, allowing an attacker to impersonate the owner, forge the signature and steal the coins, Owens said in a report on Thursday.
However, he said that not all portfolios are equally exposed to these risks.
“In fact, most wallets are not vulnerable today. Funds are only vulnerable when public keys are exposed on the chain,” he said.
This created two main methods for exposing wallets: those whose public keys are already visible, and wallets whose public keys are revealed at the time of spending, Owens said.
The threat of quantum computing to cryptocurrencies has long been discussed among the community as an upcoming inflection point. Advanced computers capable of breaking encryption have been hypothesized to be able to reveal user keys, expose sensitive data, and steal user funds.
Developers are actively dealing with quantum risks
Critics argue that the threat posed by quantum computers is overblown because the technology is still decades away from being viable, and banking giants and other traditional targets will be wiped out long before Bitcoin.
Owens said there is also online rhetoric that Bitcoin Core developers are “ignoring and guarding” quantum-related proposals, such as the BIP 360 soft fork, but he claims to have found otherwise, noting that “the pace of proposals has accelerated meaningfully since late 2025.”
“Contrary to some public criticism, our review found significant developer work addressing quantum vulnerabilities and mitigations,” he said.
“The ecosystem now contains a concrete and mature set of proposals that cover the entire surface of the problem. These proposals are not theoretical. They are being actively developed, reviewed and discussed by some of the most experienced contributors to the Bitcoin ecosystem.”
Other industry participants have also suggested solutions. Bitcoin analyst Willy Wu said last November that holding Bitcoin (BTC) in a Segwit wallet for several years could help mitigate quantum-related risks.
Related to: Bitcoin Could Fall Below $50K If Quantum Problem Is Not Solved by 2028: Capriol
Governance is likely to remain a challenge
When the developer community comes up with a post-quantum solution, Owens said it will likely be a challenge because “Bitcoin has no CEO, no board of directors, and no central authority that can force a software update.”
“But the nature of this particular threat — external, technical, and global in its impact — aligns incentives in a way that previous disputes over Bitcoin’s economic direction did not,” he said. “Every honest participant in the network, from miners to owners to exchanges, has a direct financial interest in the continued security of the network.”
“For investors, the key idea is clear and straightforward: risks are real but recognized, and the people who are best placed to deal with them are working to resolve them.”
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