A new Bitcoin Improvement Proposal (BIP) co-authored by cryptography experts Jameson Lopp and Christian Papathanasiou aims to phase out Bitcoin's legacy signature schemes (ECDSA and Schnorr) by 2030, replacing them with quantum-resistant alternatives. The draft, titled "Post Quantum Migration and Legacy Signature Sunset," responds to forecasts that quantum computers capable of breaking Bitcoin's cryptography could emerge as early as 2027–2030, per McKinsey analysis.
The proposal outlines a three-phase soft fork: Phase A (starting 3 years post-implementation) would block new transactions to vulnerable addresses; Phase B (2 years after Phase A) would freeze approximately 1.1 million BTC—including Satoshi Nakamoto's holdings—in quantum-exposed wallets by invalidating legacy signatures. An optional Phase C could allow recovery via zero-knowledge proofs of seed ownership, pending further research. About 25% of Bitcoin's unspent outputs currently have exposed public keys, making them high-risk targets.
The authors warn that a quantum attack would cause "significant economic disruption," potentially crippling miner security and permanently draining funds. Recent dormant wallet movements (e.g., $8.5 billion in "Satoshi-era" BTC) have spurred urgency, though the BIP remains in draft form and requires community consensus.