Bitcoin’s long-term security is facing increased scrutiny from major financial figures over the potential threat posed by quantum computing.
UBS chief executive Sergio Ermotti said Bitcoin must address the quantum computing risk while speaking at the World Economic Forum in Davos.
“The potential effect of quantum computing on the safety of cryptocurrencies still needs to be proved,”
Ermotti said.
Ermotti joins other financial leaders, including Ray Dalio and Jefferies strategist Christopher Wood, in raising concerns.
Wood recently removed Bitcoin from a recommended long-term pension portfolio, citing quantum-related risks.
He warned that quantum computers could undermine Bitcoin’s store-of-value narrative over the long term.
Research cited by Wood suggested that between 20% and 50% of all Bitcoin could be vulnerable to quantum-enabled attacks.
Crypto investor Nic Carter said institutional allocators are increasingly uneasy about Bitcoin’s preparedness.
“In the world of institutional allocation, virtually everyone I have talked to is quietly concerned about Bitcoin,”
Carter said.
Carter warned that investors may reduce exposure if developers fail to show urgency in addressing the issue.
Debate continues among developers, with some dismissing near-term risks and others calling for rapid adoption of quantum-resistant upgrades.
At the time of reporting, Bitcoin price was $89,879.52.