Image credit: The Byteline

‍Paolo Ardoino, CEO of Tether, has speculated on the future impact of quantum computing on Bitcoin, particularly on wallets that have been lost or forgotten.

In his statement made on February 8, 2025, Ardoino suggested that with the advent of quantum computing, dormant Bitcoin wallets, including those possibly belonging to Bitcoin's creator Satoshi Nakamoto, could be compromised, bringing those coins back into circulation.‍

"Any Bitcoin in lost wallets, including Satoshi’s (if he’s not alive), will be hacked and put back in circulation," Ardoino stated.

However, he quickly clarified that the technology required to achieve this is still "very far from any meaningful risk of breaking Bitcoin cryptography."‍

Quantum computing, which leverages quantum mechanics to perform calculations at speeds far beyond current capabilities, could theoretically bypass the security of lost wallets, which are no longer actively managed or protected.

Ardoino reassured that active wallets would likely transition to quantum-resistant security measures in time, safeguarding current Bitcoin holdings.‍

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The potential unlocking of these wallets has sparked debate within the crypto community.

Crypto trader Crypto Skull, who has a significant following on X, highlighted the economic implications, warning that if Satoshi's Bitcoin, estimated at around one million BTC, were suddenly reintroduced into the market, it "could theoretically send us back to the stone age."

This has led some to argue for permanently freezing these coins to avoid market disruption. Echoing these concerns, Bitcoin investor Chamath Palihapitiya noted in December that quantum computing poses a risk to first-generation cryptographic methods, although he emphasized that this threat is not imminent.

He suggested that those with significant Bitcoin holdings should begin planning for such eventualities.

A 2023 report from Quantum Grad further discussed the theoretical risks posed by quantum algorithms like Grover’s search algorithm, which could potentially recover lost Bitcoin private keys. Yet, the report pointed out that implementing such capabilities would require quantum computers with millions of qubits, a scale far beyond current technological reach, thus relegating this scenario to future speculation rather than immediate concern.