After crashes, hacks and FTX, one veteran investor says this is the real Bitcoin danger

One veteran said the Bitcoin Core team is “fighting the last war.”

The blockchain quantum conundrum continues to deepen, raising new concerns about whether Bitcoin can survive the long-term threat of quantum computing.

An experienced bull has warned that this poses Bitcoin’s first real existential risk, but it is being ignored.

“The Fight Against the Last War”

Charles Edwards, founder of Capriole Investments, said he is more concerned about Bitcoin’s future today than at any time in multiple market cycles, citing the growing threat posed by quantum computing.

In a post on X, Edwards explained that he had previously maintained confidence through extreme price crashes, stock market closures, hacks and major frauds such as the collapse of FTX. He said these events have never undermined his long-term view of Bitcoin.

However, the current risk is of a different nature, said Edwards, who warned that Bitcoin’s existing cryptographic defenses are not sufficient to withstand advances in quantum technology. He compared the situation to outdated military strategies deployed against modern warfare, stating that Bitcoin “doesn’t stand a chance” without adaptation.

The investor also added that the most troubling aspect is not only the severity of the quantum threat itself, but also what he described as the dismissal and lack of urgency surrounding the issue.

CryptoQuant founder Ki Young Ju had also raised concerns about the growing threat of quantum computing facing Bitcoin. He said protecting the network may require difficult decisions. A possible solution, according to Ju, could be freezing older Bitcoin addresses as part of a quantum-resistant upgrade.

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He added that implementing such changes would be challenging as the crypto community has often struggled to agree on protocol updates. In fact, Ju added that assets considered safe today may not remain safe as quantum technology continues to develop.

The industry remains divided

Not everyone in the crypto industry agrees on how urgent the threat to the world’s largest cryptocurrency really is. In December, Casa co-founder and chief security officer Jameson Lopp said quantum computers do not pose a risk to Bitcoin in the near term. He believes that the technology is still far from being able to break Bitcoin’s cryptography. Lopp acknowledged that researchers should continue to monitor progress in this area, but said fears of an imminent threat are premature. He also noted that preparing Bitcoin for a post-quantum future would be a long process.

Similar views have been expressed by Grayscale, who said in a recent report that quantum computing is unlikely to have a meaningful impact on crypto markets by 2026. While the company recognizes the long-term risks, it downplays the short-term consequences.

More recently, Michael Saylor, co-founder of Strategy, also minimized this concern. Speaking on Coin Stories with Natalie Brunell, Saylor said Most cybersecurity experts believe that a credible quantum threat is still more than a decade away.