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Could Quantum Computing One Day Threaten Bitcoin Security? Experts Weigh In
Former Wall Street trader Josh Mandell has stirred controversy on X (formerly Twitter) with claims that old Bitcoins are being stolen from long-dormant wallets. According to Mandell, a powerful player is allegedly using undisclosed technology to siphon coins from so-called “deceased” wallets in an effort to quietly accumulate BTC without relying on the open market.
A Trader With a Bold Theory
Mandell, who rose to prominence earlier this year for his remarkably accurate Bitcoin price prediction, argues that on-chain analysis remains the only tool capable of exposing such suspicious patterns. He suggests that without this level of scrutiny, the covert accumulation could go unnoticed.
Community Pushback: “Zero Chance”
The crypto community was quick to dismiss the theory. Harry Beckwith, founder of Hot Pixel Group, flatly rejected the claim, stating there is “literally no chance this is currently happening.” Similarly, Matthew Pines, executive director at the Bitcoin Policy Institute, labeled Mandell’s assumption as “false.” Others responded with humor, with one commentator quipping: “That’s enough computer time for you today, grandpa.”
Quantum Computing: A Future Risk, Not Today
While Mandell’s claims sparked immediate skepticism, the discussion has revived broader concerns about quantum computing and its long-term implications for Bitcoin security. Breaking Bitcoin’s cryptography would require millions of stable, error-corrected qubits, a milestone that remains far out of reach.
Despite recent progress — including Microsoft’s Majorana 1 chip and Google’s Willow project — experts agree the technology is nowhere near posing a real-time threat. Still, some researchers warn that within the next 20 years, quantum advancements could become powerful enough to challenge Bitcoin’s defenses.
Prominent cypherpunk Jameson Lopp has even suggested burning quantum-vulnerable Bitcoins in preparation, warning that large-scale theft enabled by quantum computing could potentially trigger a severe market crash.
