Alex Thorn, Head of Firmwide Research at Galaxy Digital, outlined how Bitcoin can cope with a potential quantum computing threat. He also explained what might happen to Bitcoin creator Satoshi Nakamoto’s BTC holdings.
What Will Happen To Satoshi’s 1.1M BTC Stash?
Writing on X, he cited talks with industry participants during the Bitcoin Conference 2026 in Las Vegas. Thorn stated that a consensus is beginning to form on the issue of how to treat the Satoshi-era coins. “Satoshi’s coins (P2PK) should not be touched,” he wrote.
He warned that “violating his property rights could be disastrous for Bitcoin’s core value proposition.” Satoshi’s Bitcoin holdings of approximately 1.1 million BTC, are spread out among approximately 22,000 addresses. Thorn stressed that such a structure makes a coordinated attack less feasible. He said:
“The risk is also lower than many realize — satoshi’s coins are in ~22,000 addresses, each of 50 BTC. a long range attack would have to crack them all (i.e., it’s not one giant honeypot).”
These inactive wallets were compared by the executive to more vigorous targets within the ecosystem. “The giant honeypots are mostly exchanges or active entities who can upgrade to a PQ-address if needed, so mostly not realistically at risk,” he noted.
How Much Risk Do Bitcoin Addresses Face?
Thorn also mentioned the new quantum technologies, especially neutral atom systems. He noted that these technologies currently have limitations that don’t pose such quantum risks.
“Neutral atom tech can only do long range attacks,” he wrote. He added that distinctions between attack types is essential to understand the risk involved with early Bitcoin addresses.
Even in the worst-case scenario, Thorn argued that markets could take a great deal of disruption. Based on data on-chain, he stated that Bitcoin markets have routinely “routinely absorb[ed] 1m+ BTC,” even with wallets associated with Satoshi.
In addition to the short-term dangers, Thorn advocated the continued work on post-quantum solutions. He explained that the attempts to develop and experiment with some new cryptographic methods were a good thing, although the new methods may not be used. Thorn notes that the development of such tools “to be ‘put on the shelf’ in case it’s needed” depicts a “reasonable middle ground.”
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