Industry observers note that Bitcoin confronts two tangible, real-world challenges identified by a16z, underscoring the urgency of migrating to post-quantum digital signatures.
First, governance efficiency remains a constraint as the Bitcoin upgrade path is historically slow; failure to secure broad consensus could precipitate a disruptive hard fork.
Second, migration requires proactive action from holders; passive transition is insufficient, risking exposure as dormant, quantum-vulnerable coins may lose protection. Industry estimates suggest this exposure could involve millions of coins and value of up to hundreds of billions of dollars.