Quantum computing poses a legitimate long-term threat to Bitcoin’s existing cryptography, Matthew Sigel, head of digital assets research at VanEck, said in an interview with CNBC. He said Bitcoin developers and researchers recognize the issue and are working toward a framework for upgrading the network, although its decentralized governance could make changes slower than at a conventional technology company without a central executive directing developers. Sigel said technological paths exist to make Bitcoin quantum resistant. He also said current crypto-market leverage is more visible than the hidden exposures associated with the failures of FTX, Genesis, BlockFi and Celsius, citing CME futures exposure and debt issued by public companies through regulated U.S. capital markets. In his view, current leverage does not pose a systemic risk.