According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more of a long-term concern, but it's essential for the industry to start preparing now. As a pioneer in Bitcoin's history, known for his work in cryptography since the 1990s, Back shared his views in a recent interview with Bloomberg. He highlighted that current quantum hardware lacks error correction, which supports the argument made in two recent papers that quantum computing poses a long-term rather than immediate risk to cryptographic systems.
Back emphasized that the focus should be on timing the response correctly, rather than debating the timeline for quantum computers to become a threat. He suggested that the industry should prepare Bitcoin and give users the option to migrate their keys to a quantum-ready format over the next decade. This timeline is in line with the progress being made in post-quantum cryptography, particularly after NIST finalized its standards in late 2024.
Back also noted that research and deployment efforts are already underway, citing Blockstream's Liquid network as an example. The main challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.