Cardano founder Charles Hoskinson has criticized a new Bitcoin improvement proposal aimed at protecting the network from quantum computing attacks. He claims BIP-361 would still leave 1.7 million Bitcoin from before 2013, valued at approximately $127 billion, vulnerable to theft. Hoskinson argues the coins, including the presumed $82 billion stash of creator Satoshi Nakamoto, would be irrecoverable under the plan, despite its goal of saving over 7 million coins worth $536 billion.
A new Bitcoin improvement proposal, BIP-361, seeks to protect over 7 million coins valued at $536 billion from future quantum computing threats. The plan would block, freeze, and then allow recovery of vulnerable coins across three phases.
Cardano founder Charles Hoskinson asserts the proposal cannot save all at-risk Bitcoin. “That’s a lie,” Hoskinson said of the recovery phase, claiming 1.7 million coins are not recoverable under this scheme.
He specifically cited Bitcoin held before the 2013 introduction of the key generation standard BIP-39. “All of the 2013 Bitcoin and before,” he said, would remain vulnerable.
At least 1.1 million of those coins belong to pseudonymous creator Satoshi Nakamoto, whose stash is valued at approximately $82 billion. Hoskinson nonetheless stated, “it’s not a bad proposal.”
“I understand why they wrote it,” Hoskinson explained. “Because if they don’t do this, that money will be stolen in the 2030s. That’s a fact.” The threat, known as “Q-Day,” is considered increasingly imminent.
Google set a 2029 deadline to transition its infrastructure to post-quantum cryptography. Hoskinson criticized Bitcoin maximalists for resisting innovations like on-chain governance used by other blockchains.
“If you had on-chain governance, you could solve it,” Hoskinson said. He noted that Cardano, Polkadot, and Tezos already employ such systems.
