Coinbase holds 5% of all Bitcoin, and it now says the shift to post-quantum security needs to start immediately—not when quantum computers are actually usable. The plan has three parts: make the address format more flexible, give every wallet a backup post-quantum key, and hold a separate debate on whether to recover coins whose private keys were lost years ago and that haven’t moved in over a decade. The first two are engineering problems; the third is a governance problem, and one that can’t be sidestepped with technology. The third is what I’m watching. When a holder of 5% of all Bitcoin puts “lost coins” on the table, it shows that even Coinbase can’t work out how ownership of these coins might affect the migration vote. $BTC