The report highlights that ECC, which secures Bitcoin's private keys, is vulnerable to Shor's algorithm, a quantum computing technique capable of breaking the discrete logarithm problem.

Despite these warnings, many experts, including Julio Padilha from Volkswagen and Audi South America, believe the threat of quantum computing is not imminent and may be overestimated until it is too late.

The urgency of adopting quantum-resistant measures is underscored by the fact that a significant portion of Bitcoin's security infrastructure is vulnerable, raising concerns about future security and market stability.

A recent report by Capgemini warns that quantum computing could soon render public-key cryptographic systems like RSA and elliptic curve cryptography (ECC) obsolete, posing a significant threat to Bitcoin and blockchain security.

Over 25% of all Bitcoin in circulation has at some point revealed its public key, including nearly 4 million BTC, with about 1 million linked to Bitcoin's creator, Satoshi Nakamoto, making them susceptible to potential quantum attacks.

A prior study by Deloitte warned that a quantum attack on Bitcoin could cause economic chaos, leading to mass liquidation of coins and a collapse in market confidence.

In response, a draft Bitcoin Improvement Proposal (BIP), co-authored by Jameson Lopp, outlines a phased plan to mitigate quantum threats, which was discussed at the Quantum Bitcoin Summit in San Francisco.

This plan includes steps such as banning transactions to quantum-vulnerable addresses, freezing coins in insecure addresses after two years, and enabling recovery of frozen funds through BIP-39 seed phrases.

A survey by Capgemini involving 1,000 large organizations found that 70% are either preparing for or have started deploying post-quantum cryptography solutions, yet only 15% consider themselves 'quantum-safe'.