He authored Bitcoin Improvement Proposal 361 (BIP-361), which outlines a phased migration to quantum-resistant cryptography.
“The goal is to create incentives and deadlines so users, exchanges, custodians, wallets and institutions actually migrate in a timely fashion,” saidLopp, who in April said it would be better to freeze Satoshi’s hoard and millions of other dormant bitcoins than to let hackers steal them.
Matt Hougan, chief investment officer at Bitwise, rejected both letting the coins be stolen and freezing them outright.
Instead, he pointed to a proposal by Castle Island Ventures partner Nic Carter that would place Satoshi’s bitcoin into a legal trust until ownership could be proven through historical electronic records.
Avoiding philosophical challenges
“I actually like Nic Carter’s proposal,” Hougan said via email. “It avoids the philosophical challenges of both CZ’s suggestion and the ‘let whatever happens’ perspective.”
Hougan said the market already treats Satoshi’s holdings as effectively unavailable, meaning almost any change would create more risk than opportunity.
“I don’t think there is any way that developments around Satoshi’s coins are positive for the ecosystem,” he said. “The market already accounts for them as frozen forever.”
For now, the debate remains largely theoretical. Researchers are still working on practical post-quantum cryptography for Bitcoin, and no consensus has been reached on how the network should respond if its encryption does become vulnerable.