Quantum risk: Galaxy says most crypto wallets aren’t equally vulnerable

Galaxy Digital research analyst Will Owens says the quantum risk to Bitcoin and crypto is real, but not all wallets are equally vulnerable. In theory, a quantum computer could derive private keys from public keys, enabling impersonation, forged signatures, and theft. However, Owens argues most wallets are not vulnerable today. Funds are at risk only when public keys are exposed on-chain. He describes two exposure paths: (1) wallets whose public keys are already visible on-chain, and (2) wallets that reveal public keys at the moment of spending. Owens notes that the community has long debated quantum computing as a potential “inflection point,” but critics argue the threat is still decades away and broader targets could be compromised first. Owens also responds to claims that Bitcoin Core developers are ignoring quantum proposals. He cites BIP 360 as an example of ongoing review and says the “pace of proposals has accelerated meaningfully since late 2025.” His review finds substantial developer work and a maturing set of proposals for quantum vulnerabilities and mitigations that are being actively debated by experienced Bitcoin contributors. As interim guidance, crypto analyst Willy Woo suggested using a SegWit wallet to help keep Bitcoin safer until a post-quantum solution is ready. Owens adds that even with a post-quantum fix, adoption may be difficult because Bitcoin lacks centralized authority—but the external, technical, and universal nature of the quantum risk could align incentives across miners, holders, exchanges, and other network participants. For traders, the core message is that quantum risk exists, yet the market impact may be limited in the near term because protections and mitigations are actively progressing, and wallet exposure determines real exposure.