Adam Back, CEO of Blockstream, has played down the immediate risks posed by quantum computing to the Bitcoin network, but stressed the importance of preparation. As a key figure in Bitcoin's history due to his work in cryptography dating back to the 1990s, Back argued in a Bloomberg interview that while the theoretical risk of quantum computing is real, it is not yet a practical threat. He pointed out that current hardware lacks error correction, a notion supported by recent papers that highlight the long-term rather than short-term risks quantum computing poses to cryptographic systems.
Back emphasized that the focus should not be on dismissing the threat, but on responding at the right time. He suggested that preparing Bitcoin and giving users the option to transition their keys to a quantum-resistant format over the course of a decade is a prudent approach.
This timeline aligns with the progression of post-quantum cryptography from theoretical to practical implementation, particularly following NIST's standardization in late 2024. Back noted that active research and deployment are underway across the ecosystem, with a dedicated team working on publishing papers and implementing solutions, such as on Blockstream's Liquid network.
The challenge for the industry lies in coordinating a gradual and orderly migration before the risk becomes critical.