Bitcoin More Vulnerable Than Banks to Quantum Computing Attacks — River CEO Alexander Leishman

While he remains sceptical of any immediate risk, Leishman argues that Bitcoin is uniquely vulnerable compared to traditional banking systems.

Pushing back against claims that quantum computing (QC) would compromise all financial systems equally, Leishman highlighted that Bitcoin’s public key cryptography makes it particularly susceptible.

It is VERY fair to debate the timeline of a quantum threat to Bitcoin. I’m personally quite skeptical it’s a near-term problem.

However, a lot of people are saying “everything will break with QC, including the entire banking system, so if Bitcoin breaks everything does”. This is…

— Alexander Leishman (@Leishman) February 20, 2025

“Bitcoin is unique in that access to a private key equals access to the money. With QC, access to a public key equals access to the money. There is no extra layer of protection for any address with a revealed public key,”

he explained.

In contrast, banks and financial institutions have multiple security layers, including IP whitelisting, password authentication, and manual transaction controls, making quantum attacks significantly harder. While QC could weaken encryption methods like HTTPS, Leishman noted that successfully breaching a bank would still require intercepting traffic or bypassing security protocols but Bitcoin lacks these barriers.

“A quantum computer will not magically give you access to all the money at Goldman Sachs. It will magically give you access to many billions of dollars worth of Bitcoin,”

Leishman warned.

His comments come amid growing concerns about advancements in quantum computing and how it could affect blockchain tech development and long-term utility.

On February 19, 2025, Microsoft introduced the Majorana 1 quantum chip, claiming it demonstrates that practical quantum computing is “years, not decades” away. This chip reduces quantum error rates, a crucial step toward large-scale quantum attacks.

Another tech giant, Google, announced a similar breakthrough in December 2024 with Willow, a 105-qubit chip designed to scale error correction, extend qubit coherence, and exponentially reduce errors. Interestingly, Google noted the breakthrough “paves the way to a useful, large-scale quantum computer.”  

READ MORE: Does Google’s Quantum Computing Chip Truly Threaten Bitcoin?

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