6.9M BTC with exposed public keys on-chain, and Taproot P2TR grows that pool every block by defaulting to visible tweaked keys — an attack surface nobody priced in during the soft fork debates. Coinbase stacking Aaronson and Boneh on the advisory board is credible firepower, but BIP-360 only landed as a draft in February. Armstrong's personal urgency is going to slam straight into Bitcoin's governance speed — remember how long SegWit took to activate.

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