Tether CEO Paolo Ardoino has revealed plans to explore a quantum computing initiative aimed at recovering an estimated 3.7 million lost Bitcoin. The proposal, which was first suggested by Bitcoin investor Brad Mills, would launch a white-hat treasure hunt to locate and retrieve Bitcoin that has vanished from circulation.
In a recent statement, Ardoino outlined his vision for a community-driven project that would allow Bitcoin holders to pledge small amounts of cryptocurrency in exchange for future shares of recovered funds. The bulk of any recovered Bitcoin would be allocated to support Bitcoin’s open-source development efforts.
The initiative comes as discussions about quantum computing’s impact on cryptocurrency security continue to grow. While Ardoino maintains that quantum computing does not pose an immediate threat to Bitcoin’s security, he acknowledges its future potential to access currently inaccessible wallets.
“Quantum resistant addresses will eventually be added to Bitcoin before there is any serious threat. All people alive and that have access to their wallets will move Bitcoin into new quantum resistant addresses,” Ardoino explained in a public statement.
The proposal has drawn attention to the large amount of Bitcoin currently locked in inactive wallets. These include holdings belonging to deceased users, individuals who have lost their private keys, and potentially the estimated 1.2 million Bitcoin held in wallets believed to belong to Bitcoin’s creator, Satoshi Nakamoto.
Definitely would be awesome to build a whitehat community consortium.
Again, I don’t think is anywhere near, surely far from being imminent.
But definitely whomever will lead it let’s make sure they don’t pull a CloseAI stunt.Just an idea on the spot: bitcoiners could… https://t.co/94w3oefVVF
— Paolo Ardoino 🤖🍐 (@paoloardoino) February 9, 2025
The recovery initiative would require careful oversight and transparent leadership to ensure ethical implementation. Ardoino emphasized that any such program would need to be developed with proper controls and community input.
Current quantum computing technology remains far from the capability needed to break Bitcoin’s cryptographic security. According to a July 2023 Quantum Grad report, accessing a Bitcoin private key would require millions of qubits using Grover’s search algorithm, the theoretical standard for optimized database searching.
The discussion has prompted other industry figures to weigh in on the potential impacts of quantum computing on Bitcoin. Crypto trader Crypto Skull warned their followers that accessing Satoshi’s old wallets could have major market implications, suggesting it “could theoretically send us back to the stone age.”
Billionaire investor Chamath Palihapitiya has also addressed the topic, advising Bitcoin holders to plan for potential quantum computing risks despite the unclear timeline. “The time frame is very much not clear, and it’s not in the immediate time horizon. But if I owned a lot of BTC, my risk posture would be to assume it could happen and plan accordingly,” Palihapitiya stated.
I’m being misquoted in some places. And in others, folks are just being intellectually lazy or technically dumb.
So to be clear:
Quantum Computing will be a risk to v1 cryptographic approaches. The time frame is very much not clear and it’s not in the immediate time horizon.… pic.twitter.com/aMirUb8xTD
— Chamath Palihapitiya (@chamath) December 14, 2024
The technical aspects of quantum computing present unique challenges and opportunities for cryptocurrency security. This technology operates using atomic-level phenomena to process multiple possibilities simultaneously, offering computing capabilities beyond current traditional systems.
Active Bitcoin wallets would have the opportunity to implement quantum-resistant protection as the technology develops. However, inactive or lost wallets would remain vulnerable to potential quantum computing breakthroughs.
Ardoino maintains that even if quantum computing advances enable access to lost wallets, Bitcoin’s fundamental 21 million supply cap would remain unchanged. “Only 21 million Bitcoin anyway. Nothing can change that. Not even quantum computing,” he stated.
The proposed recovery initiative would include a revenue-sharing model for participants who contribute to the project. “Bitcoiners could participate pledging some sats today to get a revshare of future quantum hacks,” Ardoino suggested.
Some experts have proposed preventive measures, including suggestions to freeze Satoshi’s 1 million Bitcoins to prevent potential exploitation.
Quantum computing’s theoretical capabilities have sparked ongoing debates about cryptocurrency security protocols. The technology’s advancement could reshape how lost or inaccessible digital assets are handled in the future.
