Crypto firms race to prepare for rising quantum computing threat

Google has set a 2029 target for post-quantum migration, while the White House moved on the issue with two executive orders on June 22, bringing the risk into federal policy. Crypto firms are beginning to plan for a quantum computing threat that could one day crack the encryption protecting wallets and exchanges, with the global crypto market worth about $2 trillion still built on older cryptographic methods.

The concern has sharpened because quantum computers can solve some mathematical problems far faster than conventional machines, which raises the possibility that they could eventually break the cryptography used to secure digital assets. Google’s shorter timeline reflects progress in quantum hardware, quantum error correction and factoring resource estimates. Google has been preparing for a post-quantum world since 2016 and has already rolled out post-quantum capabilities in products including Android.

Executive Order 14413, “Ushering in the Next Frontier of Quantum Innovation,” and Executive Order 14412, “Securing the Nation Against Advanced Cryptographic Attacks,” were both issued by the White House on June 22, 2026. The accompanying fact sheet set the quantum order’s goal as supercharging U.S. innovation in quantum technologies and strengthening national security.

NIST finalized three post-quantum cryptography standards in 2024, FIPS 203, 204 and 205. Organizations should begin applying them now to move toward quantum-resistant systems. Many blockchains still rely on elliptic-curve cryptography to generate keys and signatures that verify ownership and authorize transfers, the same kind of system a sufficiently advanced quantum machine could undermine.

BTQ Technologies calls the issue the most direct and existential threat facing cryptocurrencies and crypto networks. Google’s security team found the resource estimates for breaking 2048-bit RSA encryption have fallen by orders of magnitude over the last decade. Some crypto firms and blockchain developers are drafting upgrades.