Adam Back, CEO of Blockstream, has downplayed the immediate risks posed by quantum computing to the Bitcoin network, but emphasized the need for the industry to start preparing for the potential threat. As a pioneer in Bitcoin's history, with a background in cryptography dating back to the 1990s, Back argued that while the risk is theoretically real, it is not yet a practical concern, in a recent interview with Bloomberg. He pointed out that current quantum hardware lacks error correction, a point supported by two recent papers that approach the issue from different perspectives, framing quantum computing as a long-term rather than immediate risk to cryptographic systems.
However, Back's main point was not to dismiss the threat but to highlight the importance of timing the response correctly. He suggested that the industry should prepare Bitcoin and give users the option to migrate their keys to a quantum-resistant format, allowing for a decade-long transition period. This timeline is in line with the progress being made in post-quantum cryptography, particularly after the standardization of guidelines by NIST in late 2024.
Back also noted that preparation work is already underway across the ecosystem, with ongoing research and deployment, citing Blockstream's Liquid network as an example. The challenge for the industry is to coordinate a gradual and orderly migration before the risk becomes urgent.