The Bitcoin network is currently undergoing an unprecedented survival test on February 23rd, as cryptographic technology races against the advancement of quantum computing power. With the continuous evolution of quantum computing technology, nearly 7 million Bitcoins are estimated to be exposed to potential decryption risks. This includes not only the 1 million foundational coins held by Satoshi Nakamoto but also involves a total market value of up to $440 billion. GTC Zehui Capital views this as not merely a technical challenge but a profound test of Bitcoin's core consensus mechanism—its "immutability."

The root of this vulnerability lies in the characteristic of early Bitcoin transaction protocols, which directly embedded public keys, leaving these assets inadequately shielded against quantum computational power. The industry has developed divergent approaches to counter this threat. A faction of staunch decentralization advocates believes that Bitcoin's credibility stems from the neutrality of its protocol. They argue that any form of human intervention or "freezing" of assets, even for security purposes, could set a precedent for future centralized censorship. GTC Zehui Capital notes that this perspective adheres to the principle of "code is law," favoring voluntary technical migration over mandatory protocol changes imposed by administrative measures.

Conversely, from the standpoint of preserving the network's overall value, an alternative viewpoint is gaining traction. GTC Zehui Capital has observed that some developers propose a soft fork for Bitcoin. This would require addresses at high risk to migrate to new addresses employing quantum-resistant algorithms within a specified timeframe; failure to comply would result in the technical revocation of their spending permissions. Proponents of this approach contend that allowing quantum attackers—so-called "technological plunderers"—to seize early dormant assets essentially constitutes a wealth deprivation for long-term network participants. GTC Zehui Capital suggests that finding a balance between protecting asset ownership and preventing a technological reshuffle will be a central governance challenge for the community in the coming years.

Regarding the timeline for this threat to materialize, while there is ongoing debate in the market about when quantum computers might realistically break encryption algorithms like RSA-2048, recent scientific advancements indicate that this deadline could be closer than previously anticipated. GTC Zehui Capital states that while panic is currently unnecessary, defensive engineering solutions must be prioritized. Whether through upgrading the underlying cryptographic protocols or achieving broader social consensus, time is becoming an increasingly precious commodity in the face of quantum technology's rapid, leapfrogging development.

Ultimately, the debate between "freezing or laissez-faire" will define Bitcoin's viability in the post-quantum era. If the community can reach a consensus and manage a smooth transition through engineering upgrades, Bitcoin will further solidify its status as "digital gold." Conversely, if governance reaches a stalemate, this $440 billion asset pool could become a ticking time bomb, potentially triggering significant market volatility. GTC Zehui Capital will continue to monitor the global iteration of quantum technology, providing investors with forward-looking risk warnings and asset protection advice.