Bernstein: The Bitcoin market has already priced in quantum risks and they do not pose a short-term existential threat.

Bernstein stated that the previous Bitcoin pullback had already reflected market concerns about the risks of quantum computing to some extent, believing that the threat is "real but manageable" and not yet an imminent systemic risk. Although research, including from Google, suggests that future quantum computers may be able to quickly crack commonly used blockchain encryption algorithms in extreme cases, advancements in zero-knowledge proofs and quantum-resistant cryptography have provided some degree of protection. Bernstein believes that Bitcoin developers still have approximately 3 to 5 years to advance the quantum-resistant upgrade path, mentioning the current BIP-360 proposal, which can reduce some of the quantum exposure risk through soft forks. Furthermore, institutional investors (including ETF issuers and corporate holders) are expected to play an active role in driving upgrade consensus. However, industry experts point out that the main challenge of quantum-resistant upgrades lies in user migration and consensus formation, rather than the technical implementation itself. (Cointelegraph)