Bitcoin’s quantum-resistance lag may become Ethereum’s bull case: Nic Carter

Crypto entrepreneur Nic Carter claims that Bitcoin developers still have their "head in the sand" when it comes to making Bitcoin quantum-resistant, compared to Ethereum.

Crypto entrepreneur Nic Carter has urged Bitcoin developers to catch up on quantum resistance or risk losing out to Ethereum, which already has a post-quantum roadmap. 

Elliptic curve cryptography (ECC) is the math that keeps Bitcoin (BTC) secure. Users pick a secret number (private key) and, using a special curved line and simple multiplication rules on that line, can quickly create a public address that everyone can see.

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There are fears that quantum computers will have the ability to break this cryptography. The Bitcoin community is split on how to deal with it, with some advocating for upgrading cryptography while others say intervention would violate Bitcoin’s core principles.

“Elliptic curve cryptography is on the brink of obsolescence,” said the founding partner at Castle Island Ventures on X on Thursday. “Whether it’s 3 or 10 years; it’s over and we need to accept that.”

“The only thing that matters is how quickly blockchain developers recognize that they need to bake in cryptographic mutability into their networks.”

Carter argues that there will need to be an “entire reimagining” of how these systems work, and that today, the cryptography is hardcoded in. “That will have to change,” he added. 

ARK Invest said in a paper on March 11 that about a third of all BTC was at risk from the quantum threat, but added that it was a “long-term risk.” 

Ethereum has the advantage, claims Carter

Carter said that Ethereum developers are already working on this with a new security team, linking to a detailed post-quantum roadmap by 2029 that has been set as a “top strategic priority.” 

“ETH people have already figured this out. Everyone else seems to be petrified in fear. Unless something changes quickly, ETHBTC will start to reflect the divergence in prioritization.” 

Ethereum co-founder Vitalik Buterin said in late February that validator signatures, data storage, accounts, and proofs must change to prepare for quantum threats, while proposing a quantum resistance roadmap.