Google's recent update on quantum computing has shown a staggering 20-fold reduction in the resources required to factor RSA encryption, raising significant concerns about the vulnerability of Bitcoin's elliptic curve cryptography (ECC) security.

The rise of quantum computing introduces serious risks, particularly the potential for public key exposure and key extraction, which can severely impact reused addresses and older wallets.

Bitcoin's reliance on ECC for securing digital signatures makes it particularly susceptible to advancements in quantum computing, which could enable attackers to derive private keys from public keys exposed during transactions.

In response to these threats, custodians and exchanges are starting to assess the implications of quantum risks on their cryptographic practices, focusing on compliance and long-term asset protection strategies.

Despite the urgency, institutional reviews and hardware limitations are hindering progress towards achieving quantum resistance, although efforts to address these challenges are already in motion.

As part of the ongoing efforts, post-quantum algorithms are under review, with NIST selecting candidates for standardization that could bolster digital infrastructures against quantum attacks.

One notable proposal, BIP360, suggests new address types and quantum-safe signature options to strengthen Bitcoin's defenses against potential quantum threats.

Additionally, proposals like the Quantum-Resistant Address Migration Protocol (QRAMP) aim to transition Bitcoin to quantum-safe addresses, but implementation is complicated by governance concerns and the risk of potential fund loss.