Adam Back, CEO of Blockstream, downplayed the immediacy of quantum computing as a threat to the Bitcoin network, but stressed the need for the industry to prepare.
A founding figure in the history of Bitcoin for his work in cryptography, dating back to the 1990s, Back laid out his central argument, saying that while quantum risk is real in theory, it is not yet practical, in an interview with Bloomberg on Tuesday:
Back noted that “current hardware…generally has no error correction.” This dovetails with two recent articles highlighted in a thread on X, one a sober technical analysis, the other a deadpan satire, which present arguments in opposing directions. Together, they view quantum computing as a long-term rather than a short-term risk to cryptographic systems.
However, Back said the “lede” is not about dismissing the threat, but about correctly timing the response. “We don’t need to agree on the timetable for quantum computers to become powerful enough to pose a threat, because the prudent thing to do is to prepare Bitcoin and give people the opportunity to migrate their keys to a quantum-ready format, and have, say, a decade to do so.”
This timeline echoes reports that post-quantum cryptography (PQC) is already moving from theory to implementation, especially after NIST finalizes the standards in late 2024.
Back also highlighted that preparation work is already active across the ecosystem, highlighting ongoing research and deployment. “There’s a research team of 20 people working on this. Publishing papers and implementing things, putting them online.” He cited Blockstream’s Liquid network as an early testing ground.
The sector’s challenge is less about reacting to a major breakthrough and more about coordinating a slow and orderly migration, before the risk becomes urgent.
