Key Takeaways
- Quantum risk is broader than Bitcoin, says Samson Mow.
- Google highlighted 2029 as a key milestone for post-quantum cryptography.
- Bitcoin risk is real but long-term and manageable, says firms.
Renewed warnings from Google about the pace of quantum computing development have reignited debate over whether Bitcoin could face future security risks, prompting industry figures to revisit longstanding arguments about where the real vulnerabilities lie.
Among them, Bitcoin’s famed $1 million advocate Samson Mow has pushed back against what he sees as a disproportionate focus on crypto.
He argues that traditional financial infrastructure and even military systems would face greater and more immediate risks from quantum breakthroughs.
Quantum Poses Bigger Threats To Banks Than Bitcoin, Says Mow
As concerns about quantum computing intensify, social media has revived Mow’s argument from December.
He argued that fragmented and often outdated systems underpinning global finance make Bitcoin’s security challenges appear overstated.
Mow pointed to the diversity and inconsistency across banking infrastructure.
He noted that financial institutions operate on a wide range of legacy systems with varying levels of cybersecurity resilience.
According to Mow, this lack of uniformity makes coordinated upgrades much harder than in Bitcoin’s more unified, open-source ecosystem, where developers can roll out protocol-level changes globally over time.
“If you are worried about quantum computing as a threat to Bitcoin, you should first worry about the traditional financial system and even military systems,” Mow said, adding that systems such as nuclear command frameworks could also be vulnerable.
Calling Out Bitcoin “Quantum Panic” Narratives
Mow also took aim at what he described as exaggerated narratives around quantum threats. He criticized both the motivations and credibility of some voices in the debate.
Responding to recent discussions, including new research proposals such as SHRIMPS. Mow suggested that heightened concern is being amplified by parties with vested interests.
“The latest round of quantum panic is brought to you by the rising star VC that invested in a company that helps blockchains against the quantum ‘threat,’ and an Ethereum guy posing as a Bitcoin security researcher,” Mow wrote on X.
His remarks reflect a broader skepticism among some Bitcoin proponents, who argue that fear-driven narratives can distract from the steady, ongoing development of practical solutions.
“Meanwhile, real progress is being made. Slow and steady,” he added.
Google Warning Accelerates Quantum Timeline Debate
The latest wave of concern follows a recent statement from Google, which said it is accelerating its efforts to prepare for a post-quantum world.
The company identified 2029 as a key milestone for transitioning its systems to post-quantum cryptography (PQC).
It cited rapid advances in quantum hardware, error correction and cryptographic research.
Google warned that quantum computers could eventually break widely used encryption and digital signature schemes, which underpin everything from online banking to blockchain networks.
It also highlighted emerging risks such as “store now, decrypt later” attacks.
This is when malicious actors collect encrypted data today with the expectation of decrypting it once quantum capabilities mature.
The announcement has intensified scrutiny of Bitcoin, which relies on elliptic curve cryptography to secure wallets and validate transactions.
In a theoretical scenario, a sufficiently powerful quantum computer could derive private keys from exposed public keys, potentially allowing attackers to access funds.
However, the risk is uneven.
Only certain categories of Bitcoin holdings — particularly older wallets, reused addresses and coins with publicly revealed keys — would be vulnerable under such conditions.
These could represent a significant portion of supply under broad estimates, though not the majority.
Industry Figures Say Threat Remains Long-Term
Despite the renewed urgency, several research firms and investors argue that quantum risks to Bitcoin remain distant and manageable.
Galaxy Research recently described the threat as “real but unevenly distributed.”
The firm noted that most of Bitcoin remains secure because public keys are not revealed until funds are spent.
The firm added that development of quantum-resistant solutions is already underway, with proposals such as BIP 360 demonstrating active progress toward upgrading Bitcoin’s cryptographic framework.
Galaxy also emphasized that the network is not static, and that incentives across developers, miners and users are aligned to ensure long-term security, even if transitions take years.
ARK Invest reached similar conclusions, stating that current systems are incapable of breaking Bitcoin’s encryption at scale.
While ARK estimated that a meaningful share of Bitcoin could be exposed in a future quantum scenario.
It said the timeline for such capabilities is likely measured in decades, giving the ecosystem time to adapt.
Together, these assessments suggest that while quantum computing presents a credible future challenge, the immediate risk to Bitcoin may be less severe than some headlines imply.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
