Recent advancements in quantum computing have raised concerns about Bitcoin's security, particularly regarding the potential vulnerability of elliptic curve signatures. Analyst James Check highlighted that sufficiently powerful quantum computers could theoretically expose public keys of Bitcoin addresses, especially those from the early Satoshi era. Approximately 1.7 million BTC, valued at $145 billion, are held in these potentially vulnerable addresses.
Despite these risks, market data suggests that the selling pressure from such a scenario would be significant but manageable. Historical data shows that during bull markets, long-term holders typically distribute 10,000 to 30,000 BTC daily, meaning the Satoshi-era supply could be absorbed over two to three months. Even during bear markets, the market has handled larger volumes without systemic collapse. Check emphasized that while sudden releases could cause volatility, rational economic behavior would likely lead to gradual distribution, minimizing market impact. The real challenge lies in governance, with discussions around freezing Satoshi's coins via BIP-361 to allow natural market adjustments.
Quantum Computing Risks $145 Billion in Bitcoin, Market Resilient
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