According to Bernstein, Bitcoin's recent selloff has largely incorporated fears about quantum computing, which poses a genuine but manageable risk. The cryptocurrency has experienced a nearly 50% decline from its peak of $126,198 in October 2025, reflecting the market's adjustment to various risks associated with quantum advancements. Bernstein noted that while quantum computers could theoretically crack Bitcoin's cryptography in about nine minutes, developers have sufficient time to establish a post-quantum upgrade path over the next three to five years. Institutional investors, including exchange-traded fund (ETF) issuers, are anticipated to play a constructive role in reaching consensus on these upgrades. The recently proposed Bitcoin Improvement Proposal (BIP-360) aims to mitigate quantum risks by addressing vulnerabilities in Bitcoin's key-path but does not provide post-quantum signatures. Experts emphasize that the primary challenge lies in societal adoption of new standards rather than technical implementation, highlighting the need for a gradual migration to quantum-proof systems.