Binance Founder CZ: “If Satoshi Nakamoto Doesn’t Move His BTC, His Coins Should Be Frozen”

Binance founder Changpeng Zhao (CZ) made noteworthy statements regarding how Bitcoin (BTC) could be protected against quantum computers in the future and how the BTC believed to belong to Satoshi Nakamoto should be handled.

Appearing on the Galaxy Brains podcast hosted by Galaxy Research President Alex Thorn, CZ stated that quantum computing is not an insurmountable problem for Bitcoin. According to CZ, quantum-resistant encryption algorithms already exist to counter the risks that quantum computers could pose. The crucial point is whether the Bitcoin community can make such a transition in a coordinated manner.

CZ argued that “doing nothing” regarding the approximately 1 million BTC, particularly those associated with Satoshi Nakamoto and long inactive, would be a bad choice. According to the Binance founder, if Bitcoin were to transition to a new, quantum-resistant cryptographic structure in the future, the community should give the owners of these addresses a period of 6 to 12 months to move their assets to the new system.

CZ stated that if no activity is observed in the addresses believed to belong to Satoshi during this period, the relevant BTC should be frozen under the new protocol. In such a scenario, approximately 1 million BTC could be removed from circulation.

According to CZ, failure to take any action on this matter could mean that these BTCs fall into the hands of the first person or persons who can crack the addresses using quantum computers in the future. CZ stated that this would not be a fair or healthy distribution method.

Related News: And a Whale Gave Up: Sold All the Bitcoin It Had Accumulated Last Year at a Loss—Here’s the Average Purchase Price and Loss

However, CZ added that the final decision should be made by the Bitcoin community, not by him. The Binance founder said that such a critical decision could be shaped through signaling mechanisms or similar community voting within the Bitcoin ecosystem.

CZ also shared his thoughts on BNB Chain and the general direction of the crypto sector during the podcast. Reminding viewers that he no longer manages the daily operations of the Binance exchange, CZ stated that this allows him to spend more time with developers and that he is excited about the new features being developed on BNB Chain.

According to CZ, the new version of BNB Chain will be faster, less expensive, and have more privacy controls. CZ also offered advice to blockchain developers, saying that major technical updates are better implemented during calmer bear markets rather than bull markets.

CZ, also speaking about RWAs (real-world assets), stated that he was more skeptical about this area about a year or a year and a half ago. He said that initially he wasn’t sure if these assets would actually be tradable and if the industry would embrace the space.

However, CZ expressed surprise at the rapid growth in the RWA space, stating that assets like stablecoins, oil futures, and AI stocks have gained strong acceptance within the crypto community. According to CZ, this indicates that many people worldwide want access to these types of financial assets.

CZ also argued that crypto should not be seen as a separate and isolated sector. According to the Binance founder, crypto should be considered a new technological tool that makes financial transactions faster, cheaper, and more transparent.

*This is not investment advice.

Continue Reading: Binance Founder CZ: “If Satoshi Nakamoto Doesn’t Move His BTC, His Coins Should Be Frozen”