The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) issued a coordinated report Wednesday calling attention to the growing risk that quantum computers could eventually render current public-key cryptography obsolete. The warning is the most explicit regulatory signal yet that the financial sector — including blockchain-based assets — must prepare for a post-quantum world.
The report notes that certain categories of Bitcoin addresses are especially vulnerable. Satoshi-era coins held in older legacy addresses or reused addresses already have their public keys exposed on the blockchain. A sufficiently powerful quantum computer could in theory derive the private key from that public data, enabling attackers to steal the funds. This does not apply to all dormant wallets; many unspent Bitcoin outputs still shield the public key behind a cryptographic hash, buying more time.
The EU authorities did not assert that a quantum machine capable of breaking Bitcoin's cryptography exists today, but stressed that the threat is approaching. Unlike traditional financial systems, blockchains cannot simply patch their security. Migrating Bitcoin to quantum-resistant signatures would require network-wide consensus, a process that faces significant governance hurdles. According to Cointelegraph, Bitcoin developers are currently weighing a draft migration plan, while Ethereum is reportedly targeting 2029 for its quantum-safe transition.