Adam Back, the CEO of Blockstream, has played down the immediate risks posed by quantum computing to the Bitcoin network, but emphasized the importance of preparing for the future. As a pioneering figure 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 quantum hardware lacks error correction, a view supported by two recent research papers.
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 threat to cryptographic systems. However, Back's main point was not to dismiss the threat, but to stress the need for timely preparation. He suggested that the industry should prepare Bitcoin for a potential quantum threat and give users the option to migrate their keys to a quantum-resistant format over the course of a decade. This timeline is in line with recent developments in post-quantum cryptography, which is transitioning from theoretical research to practical implementation, particularly after the standardization of guidelines by NIST in late 2024.
Back also highlighted the ongoing preparation work across the ecosystem, including research and deployment efforts. He mentioned that a team of 20 researchers has been working on this issue, publishing papers and implementing solutions, such as the Liquid network developed by Blockstream.
The main challenge for the industry is to coordinate a gradual and orderly migration to post-quantum cryptography before the risk becomes urgent.