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05/10/2026

Project Eleven Warns Bitcoin Quantum Migration Window Closing

What happened: Project Eleven published a report arguing it may be too late for Bitcoin's quantum migration, with their baseline Q-Day scenario occurring in 2033 (optimistic 2030, pessimistic 2042).

Project Eleven Warns Bitcoin Quantum Migration Window Closing

What happened: Project Eleven published a report arguing it may be too late for Bitcoin's quantum migration, with their baseline Q-Day scenario occurring in 2033 (optimistic 2030, pessimistic 2042). The report warns that quantum computing threatens over $3 trillion in digital assets secured by elliptic-curve cryptography, with 5.6-6.9 million Bitcoin in quantum-vulnerable address types representing roughly $500 billion at current prices. CEO Alex Pruden suggested "recycling" vulnerable coins back into supply rather than allowing quantum attackers to claim them.

Why it matters: Large systems historically require 5-10 years to migrate cryptographic primitives, and the proposed Bitcoin upgrade would be more complex than Taproot, requiring coordination across users, exchanges, and miners. The controversial "recycling" proposal effectively amounts to confiscating early-era and potentially lost coins, including those possibly belonging to Satoshi Nakamoto, highlighting the difficult trade-offs inherent in quantum-proofing legacy systems.

Source: CoinDesk