Adam Back, CEO of Blockstream, has played down the immediate danger of quantum computing to the Bitcoin network, but stressed the importance of preparation. As a pioneering figure in Bitcoin's history due to his work in cryptography dating back to the 1990s, Back argued in a Bloomberg interview that although the quantum risk is theoretically real, it is not yet a practical concern. He pointed out that current quantum hardware lacks error correction, a point also made in two recent papers highlighted on X, which demonstrate that quantum computing poses a long-term rather than short-term threat to cryptographic systems. Back emphasized that the key issue is not dismissing the threat but responding at the right time, suggesting that the industry should prepare Bitcoin and give users the option to migrate their keys to a quantum-resistant format over the next decade.
This timeline aligns with the progress being made in post-quantum cryptography, particularly following NIST's standardization in late 2024. Back also noted that preparation is already underway across the ecosystem, with a 20-person research team working on the issue and citing Blockstream's Liquid network as an early testbed. The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.