Blockstream CEO Adam Back played down the immediacy of quantum computing as a threat to the Bitcoin network, but emphasized the need for the industry to prepare.
A foundational figure in Bitcoin’s history for its cryptography work 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 “the current hardware … generally has no error correction.” That’s consistent with two recent papers highlighted in a thread on X, one a sober engineering analysis, the other a deadpan satire, which makes the case from opposite directions. Together, they strike quantum computers as a long-term rather than a short-term risk to cryptographic systems.
But Back said the “lead” is not about repelling 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 sensible thing to do is prepare Bitcoin and allow people to migrate their keys to a quantum-ready format and have, let’s say, a decade to do that.”
This timeline echoes reporting that post-quantum cryptography (PQC) is already moving from theory to implementation, especially after NIST finalizes standards in late 2024.
Back also emphasized that preparation work is already active across the ecosystem, which points to ongoing research and implementation. “There’s a 20-person research team that’s been working on this. Publishing papers and implementing things, putting them live.” He cited Blockstream’s Liquid network as an early testing ground.
The industry’s challenge is less about reacting to a breakthrough and more about coordinating a slow, orderly migration before the risk becomes acute.
UPDATE (April 8 113:25 UTC): Adding link to Bloomberg interview.
