Bernstein: Quantum Threat Manageable, Governance Key as BTC Rebounds to $78K

Bernstein reaffirms quantum computing's threat to Bitcoin as long-term and manageable, with a 3-5 year migration window and ~10-year CRQC timeline, supporting BTC's rebound to ~$78K amid ETF inflows. The story ignited with Grayscale's April 7 outline of three paths (burn, ignore, rate-limit) for 1.7M vulnerable coins including Satoshi's 1.1M stash, sparking a 50% plunge from $126K highs to $68K lows. It evolved via Bernstein's pricing-in notes, Presidio's 6.5M exposure estimate, Adam Back's optional upgrades and BitMEX Canary Fund, Coinbase's 38x signature bloat warning by 2035, and Hoskinson's SPHINCS+ critique, stabilizing with persistent volatility.