Alex Thorne, head of corporate-wide research at Galaxy Digital, explained how Bitcoin could address the potential quantum computing threat. He also explained what might happen to Bitcoin creator Satoshi Nakamoto’s BTC holdings.
What will happen to Satoshi’s stash of 1.1 million Bitcoin?
In writing about X, he cited conversations with industry participants during the Bitcoin 2026 conference in Las Vegas. Thorne stated that a consensus is beginning to form around the question of how to treat Satoshi-era coins. “Satoshi Coins (P2PK) should not be touched.” books.
“A violation of its proprietary rights could be disastrous for Bitcoin’s core value proposition,” he warned. Satoshi’s Bitcoin holdings Nearly 1.1 million BTC, distributed across approximately 22,000 addresses. Thorne 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 about 22,000 addresses, each with 50 bitcoins. A long-range attack would have to break them all (ie, it’s not one giant honeypot).”
These inactive portfolios were compared by the executive to more aggressive targets within the ecosystem. “Giant honeypots are mostly active exchanges or entities that can upgrade to a PQ address if necessary, so they are mostly not realistically vulnerable,” he noted.
How much risk do Bitcoin addresses face?
Thorne also mentioned new quantum technologies, especially neutral atomic systems. He noted that these technologies currently have limitations that do not impose such restrictions Quantum risks.
“Neutral atom technology can only make long-range attacks,” he wrote. He added that distinguishing between types of attacks is essential to understanding the risks involved in early Bitcoin addresses.
Even in the worst-case scenario, Thorne believes that markets could experience a great deal of turmoil. Based on on-chain data, he stated that Bitcoin markets “routinely hold more than 1 million Bitcoin,” even with wallets linked to Satoshi.
In addition to the short-term risks, Thorne called for continued work on post-quantum solutions. He explained that attempts to develop and experiment with some new encryption methods were a good thing, even though the new methods may not be used. Thorne points out that developing such tools “to put on the shelf in case they are needed” depicts a “reasonable middle ground.”
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