Former UK Prime Minister Liz Truss has issued a stark warning about the country's economic trajectory, linking its struggles to monetary policy failures and advocating for **bitcoin** as a potential remedy. In a recent interview, Truss highlighted the UK's rapid relative impoverishment and criticized the lack of debate around sound money.

### The Economic Warning
Truss, who served as prime minister for just 45 days in 2022, stated that the UK economy is on a **"very negative trajectory"** and faces long-term decline. She attributed this to high taxes, excessive regulation, and rising energy costs, which she claims create disincentives for entrepreneurs. "We are getting relatively poorer, very quickly," she emphasized, pointing to weak growth and increasing state control.

### Bitcoin as a Tool Against Debasement
A key part of Truss's critique focuses on **currency debasement**—the erosion of sterling's value due to inflation and money printing. She argued that many economic problems stem from this lack of sound money, describing the absence of monetary policy discussions in government as **"quite sinister"** and a taboo. Truss revealed she is **"very interested"** in bitcoin, which she first encountered while working at the Treasury, where she mentioned it to "shake things up." She views bitcoin as a tool to push back against centralized control and financial independence limitations.

### Reflections on the Mini-Budget Fallout
Truss defended the 2022 mini-budget under Chancellor Kwasi Kwarteng, which led to market turmoil during her premiership. She maintained that it exposed hidden fragilities in the system, such as leveraged pension strategies, rather than causing the issues. "There was a tinderbox in the system that people didn’t know about," she said.

### Launching CPAC UK
Now out of government, Truss is focusing on building a political movement, including the launch of **CPAC UK**, a three-day conference aimed at uniting activists and entrepreneurs around **"sovereignty and liberty"** themes. She framed the stakes bluntly: "There are two choices, either we’re finished or we change it." This initiative seeks to address what she sees as a need for broader economic reform and decentralization.

![Liz Truss speaks at CPAC in Texas last month. (Brandon Bell/Getty Images)](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F79097322f32ca491b677089ab91e16060a93ae23-5392x3592.jpg%3Fauto%3Dformat&w=3840&q=75)

Truss criticized central banking and defended her mini-budget, suggesting bitcoin and a CPAC UK conference could help push for economic reform.

Liz Truss Sounds Alarm on UK Economic Decline, Champions Bitcoin as a Solution

In Part 1 of this series, we explored the fundamentals of quantum computing. Now, we dive into the target: **Bitcoin's encryption**, why a quantum algorithm can break it, and how Google's recent paper has shifted the timeline.

### The One-Way Map of Bitcoin Security
Bitcoin relies on **elliptic curve cryptography** to secure ownership. Each wallet has two keys: a **private key** (a secret 256-digit number) and a **public key** derived from it via a mathematical operation on the curve "secp256k1." Think of this as a one-way map: starting from a known point G, your private key determines a number of steps, ending at your public key K. While calculating K from the private key is easy, reversing this to find the private key from K is the **elliptic curve discrete logarithm problem**—estimated to take classical computers longer than the age of the universe.

This one-way trapdoor is Bitcoin's security foundation. Your private key proves ownership without being revealed, and your public key is safe to share.

### How Shor's Algorithm Breaks the Trapdoor
In 1994, mathematician Peter Shor discovered a **quantum algorithm** that efficiently solves the discrete logarithm problem. It works by finding the period of a function related to the elliptic curve, using quantum properties like **superposition**, **entanglement**, and **interference**. By evaluating all possible inputs simultaneously and filtering out wrong answers, Shor's algorithm can derive a private key from a public key in polynomial time, making what was once impossible feasible.

### Why Bitcoin Remains Secure Today
Despite Shor's algorithm being known for over 30 years, running it requires a **quantum computer with enough stable qubits**. Previous estimates suggested millions of qubits, but Google's recent paper, with contributions from the Ethereum Foundation and Stanford, reduced this to **fewer than 500,000**. The paper details circuits using about 1,200-1,450 logical qubits and millions of Toffoli gates, with a high ratio of physical to logical qubits due to error correction needs.

### The Nine-Minute Attack Window
Google's paper introduces a practical attack scenario. By precomputing parts of Shor's algorithm based on public curve parameters, a quantum computer can be primed to finish the calculation in about **nine minutes** once a target public key appears. With Bitcoin's average block time of 10 minutes, this gives an attacker a **roughly 41% chance** to steal funds from a transaction in the mempool before it confirms.

More concerning is the **6.9 million Bitcoin** (about one-third of the supply) in wallets where public keys are already exposed on the blockchain. These are vulnerable to an "at-rest" attack with no time pressure. Since Taproot's privacy upgrade in November 2021, public keys for newer transactions are visible, while older addresses expose them upon spending, triggering the nine-minute race.

What this means for exposed Bitcoin, Taproot's impact, and the hardware progress will be covered in the final part of this series.

Part one explained the physics of quantum computing. This piece explains the target — how bitcoin's encryption works, why a quantum algorithm breaks it, and what Google's paper changed about the timeline.

Quantum Computers Could Steal Your Bitcoin in Just 9 Minutes – Here's How

![Photo illustration of Donald Trump dancing as Bitcoin rains down around him.](https://www.motherjones.com/wp-content/uploads/2026/04/20260416_trump-bitcoin_2000.jpg?w=990)

*Mother Jones illustration; Julia Demaree Nikhinson/AP*

**Gas prices are sky high**, a war in Iran continues, airlines face jet fuel shortages, and the GOP approaches midterm elections. Yet, Donald Trump is making time for a special group: the **top 297 holders of his $TRUMP meme coin**, who are invited to an exclusive "conference" at Mar-a-Lago on April 25.

### Exclusive Access for Crypto Investors

This event includes a gala lunch with Trump, with the **top 29 holders** receiving an even more exclusive VIP reception with the president and other "superstar guests." This isn't the first time Trump has used his meme coin to grant access; last May, he hosted the top 220 $TRUMP holders at his Virginia golf course, with the top 25 investors getting a White House tour. At that time, the combined value of their holdings was about **$148 million**.

### How the $TRUMP Coin Works

When the coin launched in January 2025, **1 billion tokens** were created, with 800 million reserved for Trump and his partners and 200 million available to the public. Trump profits not only from selling coins or price increases but also from **transaction fees on every transfer**, regardless of who buys or sells.

### Plummeting Value and Investor Losses

Despite initial hype, the coin's value has **plummeted from around $45 to under $3**. It has no inherent value or utility—it can't be used to purchase goods or exchanged for other currencies. An analysis cited by Democratic senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal found that **$TRUMP and the accompanying $MELANIA coin have erased an estimated $4.3 billion in retail wealth**, leaving roughly 2 million holders "underwater."

### Early Insiders Profit While Others Lose

While regular investors suffered losses, **45 early crypto wallets profited by about $1.2 billion**, selling at peak prices. The top holder, controversial crypto personality Justin Sun—who recently settled fraud charges with Trump's Justice Department—remains the largest $TRUMP holder despite a falling out with Trump's other crypto venture, World Liberty Financial.

### Event Details and Fine Print

The Mar-a-Lago event promises meetings with 18 "superstars," including former boxer Mike Tyson and crypto executives, plus swag like Trump fragrance, posters, trading cards, and a **$499 red Trump watch**. However, fine print notes **no guarantee Trump will attend**, and if canceled, attendees get a free Trump NFT. Attendees must pass a background check, be 18+, and not be in litigation with the U.S. government—ironic, as Trump himself is currently in such litigation.

Democratic senators have demanded more details from Fight Fight Fight LLC, the company managing the coin, highlighting concerns over the coin's role in granting political access and its financial impact on investors.

Want to get in the room with the president? Stock up on his pointless meme coin.

Trump's Crypto Scandal: How His Meme Coin Grants Exclusive Mar-a-Lago Access to Top Holders

**Geoffrey Kendrick**, head of digital asset research at **Standard Chartered**, recently revised his 2026 forecast for **XRP** downward. Initially predicting $8 by December, he now estimates $2.80 due to macroeconomic challenges, though this still implies a 107% upside from the current price of $1.35.

I believe Kendrick was correct to adjust his target, but I think he remains overly optimistic. XRP has already fallen 61% from its peak, and I anticipate further declines this year, potentially reaching $1 by December. Here's the reasoning behind this bearish outlook.

![A gold dollar sign atop stacks of gold coins.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F865670%2Fgrowth-12.jpg&w=3840&op=resize)
*Image source: Getty Images.*

## XRP is not gaining traction as a bridge currency

XRP serves as the native digital asset on the **XRP Ledger**, a blockchain designed for faster and cheaper cross-border transactions compared to the **SWIFT** messaging system. While SWIFT dominates international wire transfers, it often involves high fees and slow settlement times. In contrast, the XRP blockchain processes payments in seconds with negligible fees.

**Ripple**, a fintech company, leverages XRP as a bridge currency in its **Ripple Payments ODL** platform, converting fiat to XRP for transfers and back at the destination. Last year, Ripple CEO Brad Garlinghouse projected that XRP would capture 14% of SWIFT's market share by 2030, potentially handling $21 trillion in annual volume and boosting demand.

However, XRP transaction volume has remained stagnant over the past year, indicating limited adoption by businesses. The volatility of cryptocurrencies like XRP makes them less appealing compared to **stablecoins** such as **USDT** and **USDC**. Ripple's introduction of **Ripple USD (RLUSD)** has not significantly impacted XRP's usage, as RLUSD faces stiff competition from more established stablecoins.

## Spot XRP ETFs have not moved the needle

Spot XRP ETFs, which track XRP's price, were expected to be a major catalyst by providing an easy investment avenue. The SEC has approved six such ETFs, but they have failed to drive growth since their launch late last year. In fact, XRP has declined 42% in 2026 despite these funds.

Daily net inflows to spot XRP ETFs have trended downward, with assets under management at $1 billion—only about 1.2% of XRP's $81 billion market cap. In comparison, **Bitcoin** has seen a 23% decline year-to-date, with spot Bitcoin ETFs holding $95 billion in AUM, representing 6.4% of its $1.4 trillion market value. This disparity suggests weaker institutional interest in XRP compared to Bitcoin.

The overall picture is clear: XRP struggles as a bridge currency against stablecoin alternatives, and spot ETFs have not provided the anticipated boost. Without significant catalysts for price appreciation, I predict XRP will drop to $1 by the end of 2026.

Without clear catalysts for price appreciation, XRP is likely to decline in value.

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