According to Blockstream CEO Adam Back, the threat of quantum computing to the Bitcoin network is more of a long-term concern than an immediate danger. In a recent interview with Bloomberg, Back emphasized that while the risk is theoretically real, it is not yet a practical threat due to the limitations of current quantum hardware, which lacks error correction. This perspective is supported by recent research papers that highlight the engineering challenges and satirical takes on the issue, both of which suggest that quantum computing poses a long-term rather than near-term risk to cryptographic systems. Back's central argument is that the focus should not be on dismissing the threat, but rather on timing the response correctly.
He advises preparing Bitcoin for the potential threat and giving users the option to migrate their keys to a quantum-resistant format over the course of a decade. This timeline is in line with the progress being made in post-quantum cryptography, particularly following the finalization of standards by NIST in late 2024. Back also highlighted the ongoing preparation work across the ecosystem, including research and deployment efforts. For instance, a 20-person research team has been working on this issue, publishing papers and implementing solutions, with Blockstream's Liquid network serving as an early testing ground.
The main challenge for the industry is to coordinate a gradual and orderly migration before the quantum threat becomes urgent.