Cypherpunks led by Jameson Lopp have proposed freezing quantum-vulnerable Bitcoin, including Satoshi’s estimated $74 billion holdings, under a new draft known as BIP-361.
The proposal aims to protect roughly 1.7 million BTC held in older address formats that could be compromised by future quantum computers, which pose a long-term threat to Bitcoin’s cryptographic security.
“This is not an offensive attack, rather, it is defensive: our thesis is that the Bitcoin ecosystem wishes to defend itself and its interests against those who would prefer to do nothing and allow a malicious actor to destroy both value and trust.”
BIP-361 outlines a three-phase plan that would eventually prevent transactions to vulnerable addresses and freeze any remaining funds after a set deadline if users fail to migrate to quantum-resistant formats.
The proposal builds on BIP-360, which introduced a new address type designed to remove quantum-vulnerable key paths, but does not address legacy coins unless they are moved.
Supporters argue the plan creates a “private incentive to upgrade,” as frozen coins reduce circulating supply and could increase the value of remaining Bitcoin.
However, critics including Mark Erhardt and Marty Bent say the proposal undermines Bitcoin’s core principles by potentially rendering user funds unspendable, sparking debate over security versus decentralisation.
At the time of reporting, Bitcoin price was $73,958.97.