Project Eleven CEO Urges Bitcoin Community to Begin Post-Quantum Migration

On May 6, 2026, Alex Pruden, the CEO of Project Eleven, addressed the Consensus Miami conference, urging the Bitcoin community to shift focus from researching to implementing a post-quantum signature scheme. He suggested that delaying this migration while waiting for advances in quantum computing could expose Bitcoin to significant risks, particularly from attacks utilizing Shor’s algorithm, which can potentially derive private keys from public keys.

Pruden claims that the value at stake is approximately $2.3 trillion, warning that a capable quantum computer could theoretically gain control over users’ assets. He explained that integrating a new signature scheme, which does not depend on the current elliptic-curve digital signature algorithm (ECDSA), is essential for securing Bitcoin against quantum threats. According to Pruden, a hash-based signature scheme is being discussed in the Bitcoin community and has already been partially implemented by Blockstream on its Liquid Network.

The migration to a post-quantum solution is expected to involve all Bitcoin stakeholders, unlike the Taproot upgrade, which allowed users to opt in. Pruden noted that while Taproot took roughly five years to implement, migrating to a post-quantum solution will be more complex due to the necessity for widespread participation. He expressed concerns regarding timing risks associated with quantum computer advancements, stressing the importance of proactive measures to prevent potential exploits.

A contentious issue also surfaced concerning Bitcoin addresses that contain dormant coins, particularly those attributed to early miner Satoshi Nakamoto. Pruden indicated a personal preference to recycle these dormant coins back into Bitcoin's supply to maintain incentives for miners but acknowledged that the broader community will ultimately decide how to handle them. He emphasized that the focus should remain on the migration process, rather than getting sidetracked by debates over dormant assets.

As for the readiness of Bitcoin Core developers to address the quantum threat, Pruden conveyed a mixed response. He recognized that while some developers take the threat seriously, others are skeptical about the likelihood of quantum computers materializing. Notably, Pruden pointed to the broader scientific consensus that views the development of quantum computing as a credible future challenge, implying that Bitcoin's defensive measures should evolve accordingly.