Adam Back, CEO of Blockstream, has downplayed the immediate risk of quantum computing to the Bitcoin network, but emphasized the importance of preparation. As a pioneer in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argued 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 hardware lacks error correction, a point supported 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 stressed that the focus should not be on dismissing the threat, but on responding at the right time. He suggested that preparing Bitcoin and giving users the option to migrate to quantum-resistant key formats over the next decade is a prudent approach. This timeline is in line with the development of post-quantum cryptography, which is transitioning from theoretical to practical implementation, particularly after the standardization of guidelines by NIST in late 2024. Back also highlighted that preparation is already underway across the ecosystem, with ongoing research and deployment, citing Blockstream's Liquid network as a testing ground.
The challenge for the industry is to coordinate a gradual and orderly migration before the risk becomes urgent.