On December 7, a16z stated in its latest article on quantum attacks that Bitcoin faces two major real-world challenges, making its shift to quantum-resistant digital signatures imperative.
First, there's the issue of governance efficiency; Bitcoin's upgrade process is extremely slow. If the community cannot reach a consensus on a solution, any controversial issue could trigger a destructive hard fork. Second, there's the issue of proactive migration; Bitcoin's transition to quantum-resistant signatures cannot be passively completed; holders must actively migrate their assets. This means that a large number of dormant cryptocurrencies vulnerable to quantum attacks will lose their protection.
It is estimated that there are millions of such Bitcoins that are vulnerable to quantum attacks and may be abandoned, with a current market value of hundreds of billions of dollars.
