Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, but stressed the importance of preparation. A pioneer in Bitcoin's history due to his cryptographic work in the 1990s, Back argued in a Bloomberg interview that while the quantum risk is theoretically real, it is not yet practically viable.
Back pointed out that current hardware lacks error correction, a view supported by two recent papers highlighted on X. These papers, one a serious engineering analysis and the other a satirical piece, both suggest that quantum computing poses a long-term rather than short-term risk to cryptographic systems.
Back emphasized that the key issue is not dismissing the threat, but rather responding at the right time. He suggested that it is prudent to prepare Bitcoin and give users the option to migrate their keys to a quantum-resistant format, allowing for a decade to complete this process.
This timeline aligns with the development 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 across the ecosystem, with ongoing research and deployment.
He mentioned a 20-person research team working on this issue, publishing papers, and implementing solutions, such as Blockstream's Liquid network. The challenge for the industry is to coordinate a gradual and orderly migration before the quantum risk becomes urgent.