Speaking at TOKEN2049, Edwards emphasizes that only around 700 usable qubits may be needed for quantum machines to crack Bitcoin's cryptography, risking the security of holdings including Satoshi Nakamoto's estimated 1 million BTC.

Hackers could record blockchain data today and wait for quantum computing to advance, enabling decryption of private keys later and amplifying the urgency of the threat.

Research suggests that between 700 and 2,300 logical qubits are required for quantum computers to run Shor’s algorithm effectively, which could reconstruct private keys from public keys.

Major tech giants like Google, IBM, and Chinese state labs are actively developing quantum computers nearing the threshold that could compromise Bitcoin’s encryption.

The critical moment, known as 'Q-Day,' will occur when quantum computers can break Bitcoin’s cryptography, turning exposed public keys into targets for hackers.

Industry estimates suggest a 2 to 10-year window for quantum threats to threaten Bitcoin, with some experts indicating a 50% risk within 4-9 years, prompting urgent calls for quantum-resistant solutions.

Quantum-resistant ledgers like QRL, which use post-quantum cryptography such as XMSS, are gaining attention as vital solutions; QRL’s value has surged and could surpass Bitcoin if quantum threats are not mitigated.

Failure to address the quantum threat could lead to catastrophic thefts, especially targeting large wallets like Satoshi’s, undermining trust and risking a market collapse.

Some experts estimate that quantum machines capable of threatening Bitcoin could arrive within 2-3 years, making timely preventative measures crucial.

Charles Edwards of Capriole Investments warns that quantum computers could potentially break Bitcoin's elliptic curve cryptography by 2027-2028, posing a significant security threat to the digital asset.

Edwards warns that the deadline to address this issue is 2026, emphasizing that once quantum computers surpass the security threshold, the damage will be irreversible.

Overall, the threat posed by quantum computing is imminent, with potential to fundamentally alter the security landscape of cryptocurrencies if proactive steps are not taken.