The Bitcoin community is once again grappling with the question of what to do with Satoshi Nakamoto’s early Bitcoin stash. A growing consensus among developers and advocates is that these coins should remain untouched, according to Alex Thorn, head of firmwide research at Galaxy Digital. Thorn shared his insights after discussions with market participants in Las Vegas, emphasizing that the core issue isn’t just technical security but the fundamental principle of ownership in Bitcoin.
Thorn argues that moving Satoshi’s coins would violate the network’s property rights, which could undermine its credibility as a neutral money system. He stated, “Satoshi’s coins should never be moved,” adding that any forced action could damage the trust holders have in Bitcoin’s immutable ledger.
The debate has been reignited by concerns over quantum computing. Early Bitcoin addresses, known as Pay-to-Public-Key, use older cryptography that could potentially be broken by powerful quantum computers. However, Thorn describes the immediate risk as low. He notes that Satoshi’s holdings are spread across roughly 22,000 addresses, many containing 50 BTC each, making a coordinated attack difficult.
A worst-case scenario—where Satoshi’s coins are stolen or moved—could trigger market panic, given these coins have lain dormant since Bitcoin’s inception. Yet, Thorn suggests the Bitcoin community might tolerate even a severe price drop to preserve the sanctity of ownership. He said, “Accepting a 50% drawdown is preferable to compromising property rights.”
Despite the strong stance on leaving Satoshi’s coins alone, the community isn’t ignoring quantum risks. Developers are actively researching post-quantum cryptographic solutions. In the meantime, active users, exchanges, and custodians can upgrade their wallets to more secure address types, offering better protection compared to dormant coins whose owners may never return.
