Blockstream CEO Adam Back pushed back on concerns that quantum computers pose an imminent threat to Bitcoin’s cryptographic security, arguing that current progress in the field is still far from the level required to break encryption in the real world.
In an interview with Bloomberg, Back noted that much of today’s quantum research is still in its early experimental stages. He pointed to the limited capabilities of existing quantum hardware, which often lacks full error correction and has demonstrated only trivial computations. “The biggest calculation it has done is factoring 21 into 7 times 3,” he said, stressing that today’s machines remain closer to laboratory prototypes than practical computer systems.
While recent academic work has highlighted potential algorithmic improvements, Back argued that these advances do not yet translate into meaningful hardware capabilities.
As a result, he said, the prospect of quantum computers capable of threatening Bitcoin’s elliptic curve cryptography is still “decades away,” though he acknowledged uncertainty about exact timelines.
Earlier today, Adam Back was named by the New York Times as the most credible candidate for Satoshi Nakamoto based on stylometric analysis of early cypherpunk writings, but Back and other experts strongly rejected the claim, noting that there is no hard evidence linking him to Bitcoin’s creation.
Bitcoin should prepare for quantum computing risks
Despite the long horizon, Back emphasized that the Bitcoin ecosystem should start preparing now. He advocated a gradual migration path towards quantum-resistant signature schemes that give users and custodians ample time to update keys and infrastructure without interruption.
He noted that Blockstream’s research team has been actively working on post-quantum approaches and has already contributed implementations to Liquid, a Bitcoin layer-two network that has historically served as a testing ground for new features.
Back also referred to recent progress in standardization efforts, pointing to the National Institute of Standards and Technology’s approval of post-quantum cryptography standards in late 2024 as a key milestone that could accelerate industry adoption.
In addition to quantum computing, Back dismissed concerns that AI or AI pose structural risks to Bitcoin, instead characterizing AI as a productivity tool that can help researchers and engineers rather than compromise cryptographic systems.
Turning to Bitcoin’s global role, Back described the asset as best understood as “digital gold” that exists alongside national monetary systems rather than replacing them. He pointed to continued sovereign interest in Bitcoin, including debates around national reserves and monetary frameworks in countries like El Salvador, as evidence of gradual institutional adoption. He also referenced discussions in Switzerland about monetary reform and the historic appeal of gold-backed standards.
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