Quantum computers won’t break Bitcoin’s code, they’ll break its politics
Bitcoin analyst James Check argued Bitcoin’s quantum risk is chiefly a consensus dilemma — not a tech one — because the network is unlikely to freeze legacy coins.
James Check, founder and lead analyst at Bitcoin onchain analysis service Checkonchain, said Monday that the quantum threat is more of a consensus problem than a technology issue.
In a Monday X post, Check claimed that “there is no chance we come to consensus to freeze” Bitcoin (BTC) that is not moved to quantum-resistant addresses, with development politics limiting the community’s ability to react. This means that a large amount of lost Bitcoin will flood the market as old addresses are compromised when quantum computer attacks become feasible.
BitBo data shows that 32.4% of all Bitcoin has not been moved in the last five years, 16.8% in over 10 years, 8.2% in seven to 10 years and 5.4% in five to seven years. How much of those assets are actually lost or inaccessible, and how many are kept in storage for is subject to debate.