The cryptography advisory committee convened by Coinbase has issued a rare sober judgment: quantum computers have not yet posed an actual threat to blockchain, but the Bitcoin community must immediately initiate post-quantum signature planning.

Committee members include top cryptographers such as Scott Aaronson, Dan Boneh, Justin Drake, and others. The report points out that the risk is concentrated in about 20k early public key addresses, involving approximately 1.7 million BTC — many of which are believed to belong to Satoshi Nakamoto and other holders with lost private keys, making proactive migration impossible.
Additionally, about 5 million BTC are exposed due to address reuse risks, but most are active holdings on trading platforms.
The real powder keg lies in governance: one side advocates setting a hard deadline, after which un-migrated tokens will be permanently unspendable; the other side considers this equivalent to confiscating assets, violating property rights principles.
The committee refused to take sides, stating that the community should decide.
Technical migration itself is not the issue; the problem is whether the community can reach consensus before splitting when 1.7 million BTC might be “frozen.”
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