XREX CEO Sees Greater Quantum Threat to Finance Than Bitcoin

A report from the Global Risk Institute warned that advances in quantum computing could eventually undermine cryptographic systems protecting payments, identities and digital assets. XREX Chief Executive Wayne Huang said the risk is more acute for traditional finance than for cryptocurrencies. Banks operate through centralized institutions and regulatory authority, while Bitcoin relies on decentralized governance, leaving the two systems with sharply different mechanisms for approving and deploying security upgrades.

Huang said financial institutions can migrate to quantum-resistant cryptography under coordinated regulatory guidance, allowing authorities to set standards and implementation requirements. Bitcoin, by contrast, would need developers, miners, node operators and asset holders to reach sufficient consensus before changing its protocol. The report cited in the coverage did not specify a publication date, a timetable for a cryptographically capable quantum computer, migration costs or the value of assets exposed, underscoring that the immediate challenge is governance and preparation rather than a quantified loss event.