A fierce debate erupted on social media Saturday regarding quantum technology and Bitcoin. The catalyst was a hypothetical scenario in which a powerful quantum computer steals and sells the early bitcoin mined by Satoshi Nakamoto. According to some, such an event could have severe consequences for the market.
The discussion began after a well-known YouTuber shared a chart depicting a Bitcoin price crash. He suggested this could happen if a quantum computer cracks Satoshi’s estimated one million BTC and dumps them on the market. The idea immediately triggered a wave of reactions.
Why Satoshi’s Bitcoin is Central #
Long-term investor Willy Woo responded that the market would likely absorb such a shock. In his view, experienced Bitcoin investors would buy the sharp dip. The network itself would remain intact, Woo argued, because not all coins are immediately vulnerable.
However, Woo pointed to a crucial detail. Approximately four million bitcoin are held in old addresses where the public key becomes visible when the coins are used. These so-called Pay-to-Public-Key (P2PK) addresses are considered more vulnerable to quantum attacks. Satoshi’s coins fall into this category.
With modern Bitcoin addresses, the situation is different. They only reveal the public key when the coins are spent. As long as no transaction occurs, the key remains hidden, meaning quantum technology does not pose an immediate risk for these addresses for now.
Debate Over Technology and Price #
The core of the debate revolves around two questions. The first is technical: does quantum technology pose a danger to the Bitcoin network itself? Many developers and analysts believe it does not.
The second question concerns the price. If old coins suddenly move, it increases the available supply, putting downward pressure on the price. Market analyst James Check emphasized that this is primarily a pricing issue, not a technical problem.
According to him, users will have ample time to move their bitcoin to more secure addresses. By the time quantum computers become truly powerful, the migration to quantum-resistant addresses will likely have already taken place.
How Big is the Short-Term Risk? #
Bitcoin veteran Adam Back expects no immediate threat. He stated that quantum technology capable of breaking modern encryption is still decades away. In that timeframe, new security standards can be implemented.
Thus, the debate remains largely theoretical. Nevertheless, the discussion shows how sensitive the market reacts to scenarios involving trust and scarcity.