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Quantum computing...

Google has claimed "their processor was able to perform a calculation in three minutes and 20 seconds that would take today's most advanced classical computer, known as Summit, approximately 10,000 years."

I've read how quantum computers will be so fast and powerful that they will be able to hack and or compromise all crypto

Any thoughts as it appears to be possible sooner then i thought..

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QC won't break every piece of cryptography, only some. Specifically, public-private key encryption, diffe-hellman key exchange, and digital signatures will be broken, but hashing and symmetric encryption cannot be broken even in theory by a quantum computer.

The reason those 3 will be broken is because they each depend on a particular class of hard math problems called the "discrete logarithm" problem, and factorization of large prime numbers. These are things that are easy to compute one way, but extremely hard to reverse. That's what makes them useful for cryptography: a key pair can be mathematically related in a way that's hard to reverse, but easy to prove. Unfortunately that's exactly what a quantum computer will be able to reverse.

Fortunately researchers are working on several potential replacement algorithms for the 3 items above that will be broken, which serve the same functions but are "quantum resistant", meaning that in theory the QC will not be able to crack them faster than a classical computer.

These approaches include lattice-based cryptography, supersingular isogeny elliptic curves, hash-based signature schemes, and a few others. Very likely, by the time a quantum computer could realistically break current digital signature or key exchange schemes, quantum resistant alternatives will already be well-studied, developed and deployed. So we are not too concerned about the new Google results :)
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