PsiQuantum Builds Million-Qubit Facility, Stirring Debate Over Bitcoin’s Cryptographic Security

Bitcoin and Ethereum rely on elliptic-curve digital signatures to secure transactions and asset ownership. If quantum computers become substantially larger and more stable, they could theoretically derive private keys. The U.S. Commerce Department’s support for the quantum industry therefore has implications beyond technological competition and is adding pressure on the crypto sector to accelerate its adoption of post-quantum cryptography.

As of July 20, 2026, the U.S. Commerce Department planned to invest more than $2 billion in nine quantum-computing companies to help scale the technology. The development has renewed concerns about the security of Bitcoin and Ethereum. Experts are calling for prompt planning of Post-Quantum Cryptography upgrades and closer coordination among governments, regulators and developer communities.

Bitcoin uses elliptic-curve cryptography to protect assets and communications, but sufficiently powerful quantum computers could eventually break its current encryption. Experts say the more immediate danger is a “harvest now, decrypt later” strategy, in which attackers intercept and store large volumes of encrypted communications today, then recover sensitive historical data once the technology matures. The threat extends beyond wallet private keys.

Security experts and an early-stage venture investor have recently warned that historical communications and infrastructure data across the Bitcoin ecosystem may already be targets for quantum attacks. Ethereum has begun work on a post-quantum migration, but as of this report, neither Bitcoin nor related companies had publicly committed to specific safeguards, disclosed investment amounts or set completion dates. The upgrade timetable and division of responsibility therefore remain unclear.