According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is still a distant concern, but the industry must start preparing for a potential transition. As a pioneer in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back emphasized that while the theoretical risk of quantum computing is real, it is not yet a practical threat.
In a recent interview with Bloomberg, Back pointed out that current quantum hardware lacks error correction, a notion supported by two recent papers that approach the issue from different perspectives, framing quantum computing as a long-term risk rather than an immediate concern. However, Back stressed that the key issue is not about dismissing the threat, but rather about responding at the right time. He argued that it is prudent to prepare Bitcoin for a potential transition and give users the option to migrate their keys to a quantum-resistant format, allowing for a decade-long transition period. This timeline is in line with the development of post-quantum cryptography, which is moving from theoretical to practical implementation, particularly after the standardization of guidelines by NIST in late 2024.
Back also highlighted that active preparation is already underway across the ecosystem, with ongoing research and deployment, citing Blockstream's Liquid network as a testing ground. The main challenge for the industry is to coordinate a gradual and orderly migration before the risk becomes critical.