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CoinShares says only about 10,200 BTC face meaningful quantum risk
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Claims that 20% to 50% of bitcoin is vulnerable are overstated
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The firm argues quantum threats are real but remain years away
Narrowing the Real Risk
CoinShares said fears around bitcoin’s vulnerability to quantum computing have been overstated, according to a new report published this week.
While roughly 1.6 million BTC sit in legacy address formats, CoinShares estimates that only about 10,200 BTC are concentrated enough to cause meaningful market disruption if compromised by a quantum attack.
Hardware Limits Remain Massive
The report notes that breaking bitcoin’s cryptography within a practical timeframe would require quantum computers millions of times more powerful than those available today. Current machines remain far below the scale needed to extract private keys at speed.
CoinShares argued that many higher vulnerability estimates combine theoretical risks with practical ones, inflating headline figures.
Caution on Governance Responses
The firm also pushed back against proposals to burn potentially vulnerable coins through protocol changes, warning such actions would undermine Bitcoin’s core principles around property rights and decentralization.
Instead, CoinShares supports a gradual and defensive transition toward post-quantum cryptography as the technology matures.
