Crypto Biz: Bitcoin’s quantum threat is becoming an economic problem
Bitcoin faces mounting quantum security concerns as Ripple secures a US banking charter, USDC gains ground in Europe and VanEck adds BTC to a new ETF.
Bitcoin faces mounting quantum security concerns as Ripple secures a US banking charter, USDC gains ground in Europe and VanEck adds BTC to a new ETF.
The debate over quantum computing has raised serious questions about Bitcoin’s long-term security, but the economic consequences could emerge long before the technology seriously threatens the network.
Muneeb Ali, founder of Bitcoin layer-2 project Stacks, believes quantum computing risks are already discouraging institutional investment, even as US spot Bitcoin ETFs have amassed more than $104 billion in net assets, according to BitBo data. He warns that BTC has only a few years to prepare for the transition to quantum-resistant security, a process that could take years given the network’s history of slow and contentious upgrades.
The newly chartered Ripple National Trust Bank will operate under federal supervision, manage reserves backing the company’s RLUSD stablecoin, serve as a collateral trustee for tokenholders and provide digital asset custody. RLUSD will continue to be issued by Standard Custody & Trust Company, which is regulated by the New York Department of Financial Services.