Why a $9 billion bitcoin sale by single Galaxy client reignites quantum threat debate
A single Galaxy Digital client's $9 billion Bitcoin sale last year has reignited the debate over the long-term quantum computing threat to crypto security.Summary
Galaxy Digital CEO Mike Novogratz revealed that a single client, an early Bitcoin investor, sold $9 billion worth of Bitcoin last year as part of estate planning, contributing to market distribution challenges. Novogratz suggested this sale reflects a broader trend of early adopters losing conviction in 'HODLing,' though he downplayed the quantum threat as the primary driver, calling it the "big excuse." Despite his long-term confidence that Bitcoin can handle quantum risks, the event highlights growing industry concern. Quantum computing, specifically Shor's algorithm, poses a theoretical risk by potentially breaking the encryption protecting private keys, threatening about one-third of Bitcoin supply whose public keys are already exposed. While current quantum computers lack the necessary qubit power, the threat is prompting real-world actions, such as Coinbase acknowledging the risk and some strategists reducing crypto allocations.
(Source：CoinDesk)