In a recent interview with Bloomberg, Blockstream CEO Adam Back addressed concerns regarding the potential threat of quantum computing to Bitcoin’s cryptographic security. Back argued that while advancements are being made in quantum research, the technology is still far from a level where it could pose a significant risk to real-world encryption. He pointed out that much of the work in quantum computing is still experimental, with current hardware lacking full error correction capabilities. He noted that existing quantum machines have only managed to perform simple calculations, such as factoring the number 21 into 7 times 3, highlighting their limitations.
Despite recent academic advancements in quantum algorithms, Back emphasized that these do not yet translate into practical hardware capabilities, suggesting that the prospect of quantum computers capable of breaching Bitcoin’s elliptic curve cryptography is still “decades off,” though he acknowledged the inherent uncertainty in forecasting technological timelines.
Earlier today, Back was identified by the New York Times as a credible candidate for the identity of Satoshi Nakamoto, based on stylometric analysis of early cypherpunk writings. However, both Back and other experts have firmly rejected the notion, stating there is no concrete evidence linking him to the creation of Bitcoin.
In light of the future risks posed by quantum computing, Back advocated for proactive measures within the Bitcoin ecosystem. He urged the gradual adoption of quantum-resistant signature schemes to provide users and custodians adequate time to update their keys and systems without causing disruption. Blockstream’s research team is reportedly working on post-quantum solutions and has already made contributions to Liquid, a Bitcoin layer-two network notable for testing new features.
Back also highlighted key milestones in standardization efforts, notably the National Institute of Standards and Technology’s approval of post-quantum cryptography standards expected by late 2024. This development could significantly expedite industry-wide adoption of such technologies.
Switching focus, Back dismissed worries that artificial intelligence or artificial general intelligence could pose structural risks to Bitcoin, framing AI instead as a beneficial productivity tool for researchers and engineers. He presented Bitcoin as a form of “digital gold,” coexisting with national monetary systems rather than replacing them. In support of this view, he noted increasing sovereign interest in Bitcoin, citing discussions around national reserves and monetary policies in countries like El Salvador and Switzerland, where debates about monetary reform and a return to gold-backed standards are ongoing.
