Adam Back, CEO of Blockstream, has played down the immediate threat of quantum computing to the Bitcoin network, but emphasized the importance of preparing for the future. As a pioneer in Bitcoin's history, dating back to the 1990s for his work in cryptography, Back outlined his main argument in a recent interview with Bloomberg, stating that while the quantum risk is theoretically real, it is not yet a practical concern due to the lack of error correction in current hardware.
This perspective is supported by recent research papers, which suggest that quantum computing poses a long-term rather than near-term risk to cryptographic systems. However, Back emphasized that the key issue is not about dismissing the threat, but rather about responding to it at the right time. He suggested that the industry should prepare Bitcoin and provide users with the option to migrate their keys to a quantum-resistant format, allowing for a gradual transition over the course of a decade. This timeline is in line with the development of post-quantum cryptography, which is shifting from theoretical to practical implementation following the standardization of guidelines by NIST in late 2024.
Back also highlighted the ongoing research and deployment efforts across the ecosystem, citing Blockstream's Liquid network as a testing ground. The main challenge for the industry is to coordinate a slow and orderly migration before the quantum threat becomes urgent.