Charles Edwards, founder of financial firm Capriol, warned on October 27th:
In the context of Bitcoin, a sufficiently powerful quantum computer that uses the principles of quantum mechanics to process information could potentially compromise the cryptographic mechanisms in use today. Protect your transactions and private keys.
Additionally, Edwards cited various estimates of the nearness of this scenario, also known as “Q-day.”
- According to a 2024 analysis by Bitcoin developer Jameson Ropp, the risk of a significant quantum attack will be 50% within four to nine years.
- Physicist Pierre-Luc Dallaire Demers, a quantum expert, predicted that systems based on elliptic curve cryptography (ECC) could be compromised in the range of two to six years (Bitcoin uses ECDSA, a variant of ECC cryptography).
- McKinsey has set 2024 as a “Q-Day” within the next two to 10 years.
- A 2017 study on Bitcoin encryption estimated that it would take approximately 2,330 qubits (quantum logic processing units) to crack ECC, and several major companies plan to reach that capacity within four years.
- In 2025, the US Department of Defense warned that “cryptographically relevant” quantum computers could become a reality within just three years.
In another message posted the same day, Edwards added, “Five companies project thousands of logical qubits of capacity, enough to beat Bitcoin within five years.”
He further warned that “quantum competition is a national security priority and capital continues to enter the market at an alarming rate.”
Charles Edwards’ statement strengthens his position on quantum and Bitcoin, as he previously classified the network created by Satoshi Nakamoto as: “Embarrassingly weak” in front of that technology.
Finally, as reported by CriptoNoticias, Capriole, the company founded by Edwards, launched a new financial product, the Quantum Index, on October 14th. Bringing together companies developing quantum technology.
According to Edwards, the index is designed to: Coverage against quantum risks It can represent the security of the Bitcoin network.
Capriol’s founders have expressed that they expect the index to “exceed Bitcoin’s returns” and announced plans to create an exchange-traded fund (ETF) that would replicate Bitcoin’s movements and foster investment in this emerging sector.
It should be noted that Edwards’ fears may have personal motives. Capriole provides financial services based on Bitcoin, where network security is key. Failures have a direct impact, which explains their urgency.