The quantum threat to blockchain has reached the Davos level

UBS Chairman Sergio Ermotti brought up the quantum threat to blockchain at the Davos forum. In his view, crypto developers haven’t yet proven their products’ resilience against potential crypto wallet key hacks. He cited statistics that the advent of robust quantum computing threatens a potential attack on half of all coins in circulation.

The banker’s opinion is shared by Ray Dalio, BlackRock, and Jefferies strategist Christopher Wood. Wood recently removed Bitcoin from his long-term retirement portfolio, stating the “store of value” concept had become less reliable.

However, according to venture investor Nic Carter, institutional investors prefer to downplay the quantum threat. Billions have flowed into the industry, and no one wants to start a panic.

But it seems Coinbase has gone against the institutional players’ strategy of keeping quiet. The crypto exchange is creating an independent advisory council on quantum computing and blockchain.

Although, there’s likely more marketing than education in this move. Coinbase wants to show it’s ready to become the sole platform capable of protecting crypto investors with its long-term post-quantum strategy. The exchange promises to be the first to implement infrastructure upgrades and, if needed, create cryptographic solutions and overlays resistant to quantum attacks.