Galaxy Says Quantum Risk Limited to Some Bitcoin Wallets

TLDR

• Galaxy Digital said quantum risk threatens only Bitcoin wallets with exposed public keys on-chain.
• Will Owens stated that most Bitcoin wallets remain protected under current conditions.
• He explained that wallets become vulnerable when public keys are already visible or revealed during spending.
• Owens said developers have accelerated post-quantum proposals since late 2025.
• He rejected claims that Bitcoin Core developers are ignoring quantum-related upgrade discussions.

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Galaxy Digital research analyst Will Owens said quantum computing poses a real but limited threat to Bitcoin wallets. He explained that only certain wallets face exposure, while most remain protected today. He also said developers actively advance proposals to address the risk before quantum systems mature.

Quantum Risk Affects Exposed Bitcoin Wallets

Owens outlined the core threat in a Thursday research report from Galaxy Digital. He said a powerful quantum computer could derive private keys from public keys. He added that such access would let attackers forge signatures and transfer funds.

However, Owens stated that most Bitcoin wallets do not face immediate exposure. He said funds remain at risk only when public keys appear on-chain. He explained that this condition limits the current scope of vulnerability.

Owens identified two wallet categories that face potential exposure. He said wallets with already visible public keys face one path of risk. He added that wallets reveal public keys during spending, which creates the second path.

“In fact, most wallets are not vulnerable today,” Owens said in the report. He stressed that exposure occurs only after public keys become accessible on the blockchain. He maintained that this distinction reduces the present scale of the threat.

The debate over quantum computing and cybersecurity has continued for years. Some critics argue that viable quantum machines remain decades away. They claim banks and other institutions would face attacks before Bitcoin.

Developers Address Quantum Risk with Active Proposals

Owens addressed claims that Bitcoin Core developers ignore quantum-related upgrades. He cited online criticism that alleged gatekeeping around proposals such as BIP 360. However, he said his review found active development work underway.

“Contrary to some public criticism, our review found substantial developer work,” Owens wrote. He said the pace of proposals has accelerated since late 2025. He described the current set of ideas as concrete and maturing.

“The ecosystem now has a concrete and maturing set of proposals,” Owens said. He added that developers actively review and debate these proposals. He stated that experienced contributors lead much of this work.

Other industry participants have also offered mitigation strategies. Bitcoin analyst Willy Woo said in November that SegWit wallets may help reduce exposure. He suggested that holding Bitcoin in such wallets for years could lower quantum-related risk.

Owens also addressed governance challenges tied to upgrades. He said Bitcoin lacks a CEO or central authority to mandate updates. However, he argued that shared financial incentives could support coordinated action.

He said every honest participant has a direct financial interest in network security. He concluded with a direct message to market participants. “The risk is real but recognized, and the people best positioned to address it are working on it,” Owens said.

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