According to Blockstream CEO Adam Back, the impact of quantum computing on the Bitcoin network is a theoretical threat, but not an immediate concern. However, he emphasizes the importance of preparation.
As a pioneer in Bitcoin's history, known for his work in cryptography since the 1990s, Back argued in a Bloomberg interview that while quantum risk is real, it is not yet a practical threat due to the lack of error correction in current hardware. This perspective is supported by recent research papers, which view quantum computing as a long-term rather than near-term risk to cryptographic systems.
Back's key point is not to dismiss the threat but to prepare Bitcoin and provide users with the option to migrate their keys to a quantum-ready format, allowing for a decade-long transition period. This timeline aligns with the progress of post-quantum cryptography, which is transitioning from theoretical to practical implementation, especially after NIST's standardization in late 2024. Back highlighted that preparation is already underway, with a 20-person research team actively working on this, publishing papers, and deploying solutions, such as on Blockstream's Liquid network.
The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.