Fireblocks CEO: Bitcoin’s quantum risk is a coordination issue

Michael Shaulov, CEO of crypto firm Fireblocks, told a digital asset summit that moving Bitcoin from its current elliptic‑curve signatures to post‑quantum signature schemes is mainly a coordination task rather than a technical one. He said available post‑quantum algorithms exist and the challenge is getting developers, miners and node operators to agree and act before a so‑called Q‑Day.

Shaulov noted Bitcoin has changed signature schemes in the past and argued the protocol can change again if stakeholders coordinate a transition. He described the practical work as organizing software updates, testing and deployment across wallets, exchanges and full nodes.

Researchers and security firms have raised the possibility that a quantum computer capable of breaking current signatures could appear within the next decade. A report from a quantum security company estimated such a machine could arrive by about 2030. Experimental demonstrations have shown quantum attacks against very small keys, but those tests remain far short of the resources needed to break modern 256‑bit keys used by major cryptocurrencies.

Shaulov pointed to more immediate barriers for institutional users. He identified state‑backed hacking groups linked to North Korea, including the Lazarus Group, as a major concern and cited the $292 million Kelp DAO exploit as an example of how large breaches reduce confidence in custody and operational safety. He said such losses make potential institutional partners cautious about holding or managing crypto assets.

Corporate privacy on public blockchains also drew attention. Shaulov described conversations with Fortune 500 companies that worry public transaction records can expose payment flows, revenues and other commercially sensitive information. He said retail experiments and public blockchain explorers allow outside observers to track receipts and balances, which companies view as an unresolved obstacle to wider adoption.

Technical background: Bitcoin and many cryptocurrencies use elliptic‑curve cryptography to sign transactions. In principle, quantum algorithms such as Shor’s could solve the mathematical problems that underpin those signatures much faster than classical computers. Post‑quantum cryptography refers to algorithms believed to resist quantum attacks. Implementing them on a global network would require protocol changes and coordinated upgrades across wallets, exchanges and nodes.

Shaulov linked the need for a coordinated migration plan to the industry’s other priorities, saying that while planning for post‑quantum signatures is important, active security threats and privacy concerns are shaping whether large firms move beyond trial projects to broader use of crypto services.