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Alex Thorn, Head of Firmwide Research at Galaxy Digital, discussed how Bitcoin could remain resilient against potential threats from quantum computing, while also addressing concerns about Satoshi Nakamoto’s estimated holdings of 1.1 million BTC. Speaking after discussions with industry leaders at the Bitcoin Conference 2026 in Las Vegas, Thorn said there is a growing consensus around protecting early Bitcoin wallets.
Thorn argued that “Satoshi-era” coins—largely stored in older Pay-to-Public-Key (P2PK) addresses—should not be interfered with. He warned that any attempt to touch these dormant holdings could conflict with Bitcoin’s principle of property rights and potentially harm trust in the network.
He noted that Satoshi’s Bitcoin stash is distributed across roughly 22,000 separate addresses, each holding about 50 BTC. Thorn said this dispersion reduces the likelihood of a large-scale coordinated attack, because compromising all addresses would be far more complex than targeting a single large wallet.
Thorn also pointed to centralized exchanges and active entities holding large amounts of Bitcoin as the crypto ecosystem’s more significant “honeypots.” He said these organizations are better positioned to adopt post-quantum (PQ) cryptographic upgrades if needed, which could make them less exposed than some observers assume.
On emerging quantum technologies, Thorn highlighted that current systems—particularly neutral atom quantum computers—are still limited in capability. He said these technologies are more suited to long-range theoretical attacks rather than immediate, practical threats to Bitcoin’s cryptography, and that distinguishing between different types of attack scenarios is important when assessing real risk.
Even under a worst-case scenario, Thorn said Bitcoin markets have historically demonstrated resilience. He cited instances where the ecosystem absorbed over 1 million BTC in trading activity without major disruption, suggesting it could handle significant shocks if they were to occur.
Looking ahead, Thorn supported continued research into post-quantum cryptography. He described developing these solutions as a precaution—even if they are never deployed—as a balanced approach to safeguarding Bitcoin as technology evolves.
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