Adam Back, CEO of Blockstream, has downplayed the immediate threat of quantum computing to the Bitcoin network, yet emphasized the need for preparation. As a pioneering figure in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argued in a Bloomberg interview that although quantum risk is theoretically real, it is not currently practical. He pointed out that existing hardware lacks error correction, a view supported by two recent papers that approach the issue from different angles, portraying quantum computing as a long-term rather than short-term risk.
However, Back's main point was not to dismiss the threat but to stress the importance of timely preparation. He suggested that the focus should be on giving Bitcoin the opportunity to migrate to a quantum-resistant format over the course of a decade, regardless of the exact timeline for quantum computers to become a threat. This timeline is in line with the progress of post-quantum cryptography, which is transitioning from theoretical to practical implementation, especially after NIST's standardization in late 2024. Back also highlighted that preparation is already underway across the ecosystem, with ongoing research and deployment, citing a 20-person research team and Blockstream's Liquid network as examples.
The challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes pressing.