Galaxy Digital research analyst Will Owens says the quantum risk for bitcoin investors is real, but not all wallets are vulnerable, and those best positioned to deal with it are working on it.

In theory, a quantum computer could derive private keys from public keys, allowing an attacker to impersonate the owner, create signatures and steal coins, Owens said in a report Thursday.

However, he argued that not all wallets are equally vulnerable to this risk.

“In reality, most wallets today are not vulnerable. Funds are only at risk when public keys are exposed on-chain,” he said.

Owens said there are two main ways wallets are exposed: those whose public keys are exposed in advance, and wallets whose public keys are exposed at the time of spending.

The threat of quantum computing to crypto has long been discussed in the community as an upcoming inflection point. Advanced computers capable of breaking encryption are theorized to be able to reveal user keys, expose sensitive data, and steal user funds.

Developers are proactively dealing with quantum risks.

Critics say the threat posed by quantum computers is high because the technology is still decades away from being viable, and banking companies and other traditional targets burst Long before Bitcoin.

Owens said there is also chatter online that Bitcoin Core developers are “ignoring and gatekeeping” proposals related to Quantum, such as the soft fork BIP 360, but he claims to have found otherwise, noting that “the pace of proposals has accelerated meaningfully since late 2025.”

“Contrary to some public criticism, our review found sufficient developer work to address the question of quantum vulnerabilities and mitigations,” he said.

“The ecosystem now has a solid and mature set of proposals that span the full issue level. These proposals are not theoretical. They are being actively developed, reviewed, and debated by some of the most experienced contributors to the Bitcoin ecosystem.”

Other industry participants have also proposed solutions. Bitcoin analyst Willy Wu said last November that keeping Bitcoin (BTC) in a SegWit wallet for several years could help mitigate quantum risks.

Related: Bitcoin Could Go Below $50K If Quantum Is Not Solved By 2028: Capriol

Governance will still present a challenge.

When the developer community comes up with a post-quantum solution, Owens said it will likely present a challenge because “Bitcoin has no CEO, no board, and no central authority that can mandate software updates.”

“But the nature of this particular risk — external, technological, and global in its impact — aligns incentives in a way that past disputes over Bitcoin’s economic direction have not,” he said. “Every honest participant in the network, from miners to holders, has a direct financial interest in the continued security of the network.”

“For investors, the key takeaway is straightforward: the risk is real but recognized, and the people best positioned to deal with it are acting on it.”

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