Galaxy Digital's head of firmwide research says Satoshi Nakamoto's roughly 1.1 million Bitcoin (BTC) stash faces a smaller quantum threat than markets assume.
Thorn Maps Quantum Risk
Alex Thorn shared his findings on X after talks with developers and skeptics at the Bitcoin 2026 conference in Las Vegas.
He said a rough consensus is forming that Satoshi's coins should remain untouched. Tampering with them, he warned, would gut Bitcoin's property-rights promise.
Thorn pointed out that the dormant holdings sit across roughly 22,000 separate addresses, each holding 50 BTC, rather than one concentrated target.
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Expert View On Bitcoin Markets
A long-range quantum attack would have to crack every one of those wallets, Thorn argued, calling that a far harder lift than breaching a single honeypot.
The bigger exposure, he said, sits with active entities like exchanges. Those operators can migrate to post-quantum addresses if needed.
He also cited on-chain data showing Bitcoin has routinely absorbed sell pressure of more than 1 million BTC, suggesting the market could digest even a worst-case scenario.
The debate has flared repeatedly this year. In March, Thorn said that the threat was real but not existential, while in February Galaxy CEO Mike Novogratz dismissed quantum fears as a convenient excuse for a $9 billion Satoshi-era sale.
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