Bernstein: The Bitcoin market has absorbed quantum risks and does not pose a survival threat in the short term

Bernstein stated that the previous pullback in Bitcoin has, to some extent, reflected the market's concerns about the risks of quantum computing, believing that this threat is "real but manageable" and not an imminent systemic risk.

Although research, including that from Google, suggests that future quantum computers could potentially crack commonly used blockchain encryption algorithms quickly under extreme conditions, advancements in zero-knowledge proofs and post-quantum cryptography have formed a hedge to some extent. Bernstein believes that Bitcoin developers still have about 3 to 5 years to advance the post-quantum upgrade path and mentioned the current BIP-360 proposal, which could reduce some quantum exposure risks through a soft fork. Additionally, institutional investors (including ETF issuers and corporate holders) are expected to play an active role in promoting consensus for the upgrade. However, industry opinions point out that the main challenge of the post-quantum upgrade lies in user migration and consensus formation, rather than the technical implementation itself.