what are the implications with regard to encryption and crypto, if any?
There is a tremendous amount of misinformation floating around on this topic. The short answer is that we are not even close to starting yet. This has a good discussion:
* https://crypto.stackexchange.com/questions/59795/largest-int...
Note the new and exciting estimate of only 20 million physical qubits required to crack RSA 2048. The article mentions the hope of achieving 1000 physical qubits.
1,000 on a chip in 1970. 20M by the late 1990s or so.
It has substantial theoretical implications in cryptography, but any practical applications are decades off.
Cryptocurrency couldn't get any more broken, so it has no implications for that.
So you have a way to steal Bitcoins?