The quantum risk to Bitcoin investors is real, but not all wallets are vulnerable, and the people best positioned to address it are working on it, says Galaxy Digital research analyst Will Owens.

Owens said in a report on Thursday that, in theory, a quantum computer could derive private keys from public keys, allowing an attacker to impersonate the owner, forge a signature and steal coins. 

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

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

Owens said that created two main ways wallets are exposed: those whose public keys are already visible, and wallets whose public keys are revealed at the…