Quantum Alarm for Bitcoin and Ethereum: Banks’ Readiness Score Only 2.3 Out of 10

A new report published by the Hong Kong Monetary Authority (HKMA) reveals that the banking sector’s readiness level against the quantum computer threat is only 2.3 out of 10, indicating that this situation also poses a major risk for cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

The HKMA, acting as Hong Kong’s central bank, shared striking data regarding the quantum era awaiting the financial world. The first Quantum Readiness Index published proved that banks are still at the very beginning of their journey against this new technology. The low score of 2.3 received by the sector indicates that institutions are only just beginning to grasp the risks but remain significantly behind in terms of concrete measures.

While 68 percent of the banks participating in the research have awareness of the issue, nearly half do not yet have a formal transition plan. Experts highlight a type of attack known specifically as “harvest now, decrypt later.” In this method, malicious actors store data that is currently encrypted with the goal of breaking these codes in the future when quantum computers become more powerful. This situation directly threatens not only traditional banks but also blockchain networks like Bitcoin and Ethereum that use existing encryption methods.

Quantum Threat and the Future of Cryptocurrencies

Although massive quantum machines capable of breaking bank security or blockchain structures do not yet exist, it is predicted that this risk could become a reality as early as 2029. While the HKMA aims to increase the readiness score to 10 out of 10 by 2030, it is developing new toolsets and training programs to assist banks.

This race has also gained momentum on a global scale. U.S. President Donald Trump signed two new executive orders to accelerate quantum computing efforts and ensure the federal government’s transition to post-quantum encryption systems. Complex data networks, representing the digital architecture of the financial system, are being secured against this future technological leap.