Arthur Hayes Says Bitcoin Holders Shouldn
Key Summary
Arthur Hayes, co-founder of BitMEX, says fears over quantum computing shouldn't push people to sell Bitcoin, as the real risk lies in reusing Bitcoin addresses. About 6.9 million BTC sit behind exposed public keys, concentrated in 20,000 addresses holding at least 50 BTC each.
Precedent & Market Context
The AI bubble will eventually burst, leading to a bailout that will benefit Bitcoin. The bailout will lead to government money printing, higher inflation, and investors fleeing to stores of value like gold and Bitcoin. Delphi Research and Fidelity echoed a similar bullish outlook, predicting a 'perfect time for crypto' if the AI bubble bursts.
Main Event
Arthur Hayes, co-founder of BitMEX, says that fears over quantum computing shouldn't push people to sell Bitcoin. According to Hayes, the bigger Bitcoin quantum risk lies in a common practice among holders, reusing addresses. This means continuously receiving and spending coins from the same Bitcoin address. As of October 18, 2026, Bitcoin trades at about $82,000, down 6.8% for the year and 23.4% over the past 12 months.
Analysis & Market Impact
The solution to this issue is simple. A new receiving address for every transaction keeps your public key hidden until you spend from it. Most modern wallets automatically generate a new address from the same backup seed phrase each time a user requests funds. Reusing Bitcoin addresses exposes coins behind public keys to future attacks. About 6.9 million BTC sit behind already-exposed public keys, concentrated in roughly 20,000 addresses holding at least 50 BTC each.
Implications & Outlook
Coinbase has suggested that preparing Bitcoin for post-quantum cryptography may take years, and its proposed roadmap does not require holders to take immediate action. This timing allows individual holders to address the risk they have direct control over. The biggest threat to Bitcoin's security is not quantum computing, but the practice of reusing addresses.
key_takeaways):
- About 6.9 million BTC sit behind exposed public keys, concentrated in 20,000 addresses holding at least 50 BTC each.
image_prompt: A Bitcoin wallet user holding a laptop with a cryptocurrency exchange platform open on the screen, with a concerned expression on their face, while a Bitcoin blockchain diagram is visible in the background.