Bitcoin must start post-quantum security upgrade now to avoid massive future risks, says Project Eleven CEO.

Alex Pruden, CEO of Project Eleven, urged Bitcoin developers to move from research to production on a post-quantum signature scheme immediately, warning that waiting for quantum computing certainty risks the security of $2.3 trillion in Bitcoin assets. He explained that unlike previous upgrades like Taproot, this migration will require every Bitcoin user, wallet, and exchange to participate to maintain security. Pruden highlighted that a powerful quantum computer could derive private keys from public keys, threatening Bitcoin ownership. He also touched on the contentious issue of dormant quantum-vulnerable coins, suggesting they might be recycled into the supply, but emphasized the community will decide. The upgrade involves adopting new cryptography standards that resist quantum attacks, with current discussions favoring hash-based schemes standardized by NIST.