Blockstream CEO Adam Back downplayed the immediacy of quantum computing as a threat to the Bitcoin network, but emphasized the need for the industry to prepare.
Back, a pivotal figure in Bitcoin history for his cryptography work dating back to the 1990s, 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 does not have any bug fixes.” This aligns with two recent articles highlighted in a thread about X, one a sober engineering analysis, the other a deadpan satire, that make that argument from opposite directions. Together, they frame quantum computing as a long-term, rather than short-term, risk to cryptographic systems.
However, Back said “lede” is not about dismissing the threat but about timing the response correctly. “We don’t have to agree on the timeline for quantum computers to become powerful enough to be a threat, because the prudent thing to do is to prepare Bitcoin and give people the option to migrate their keys to a quantum-ready format, and have, say, a decade to do so.”
That timeline echoes reports that post-quantum cryptography (PQC) is already moving from theory to implementation, particularly after NIST finalized the standards in late 2024.
Back also emphasized that preparation work is already active across the ecosystem, pointing to ongoing research and deployment. “There’s a research team of 20 people that’s been working on this. Publishing papers and implementing things, getting them going.” He cited Blockstream’s Liquid network as one of the first testing grounds.
The industry’s challenge is not so much to react to a breakthrough as to coordinate a slow and orderly migration, before the risk becomes urgent.
UPDATE (April 8, 113:25 UTC): Add link to Bloomberg interview.
