Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, but emphasized the importance of preparation. As a pioneer in Bitcoin's history, dating back to the 1990s, Back has stressed that while the theoretical risk of quantum computing is real, it is not yet a practical concern.
In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, a sentiment echoed by two recent research papers. These papers, one a serious analysis and the other a satirical take, both suggest that quantum computing poses a long-term rather than near-term threat to cryptographic systems.
However, Back believes that the focus should not be on dismissing the threat, but on responding to it in a timely manner. He advocates for preparing Bitcoin and giving users the option to migrate their keys to a quantum-resistant format, allowing for a gradual transition over the next decade. This timeline is in line with the progress being made in post-quantum cryptography, particularly since NIST finalized its standards in late 2024.
Back also highlighted the ongoing research and deployment efforts across the ecosystem, including a 20-person research team working on post-quantum solutions. He cited Blockstream's Liquid network as a key testing ground for these developments. The challenge for the industry is not to react to a sudden breakthrough, but to coordinate a slow and orderly migration to post-quantum security before the risk becomes critical.