Early Bitcoin developer "'Quantum risk' virtually zero... will take decades"

Adam Back, an early Bitcoin (BTC) developer and CEO of Blockstream, said the risk that quantum technology poses to Bitcoin is "virtually 'zero (0)'".

On the 18th (local time), via X, CEO Back said, "Bitcoin does not use 'encryption'" and that "in the short term, the (quantum technology) risk is virtually zero." CEO Back said "(the threat from quantum technology) will take decades" and added that "to verify whether (quantum technology) is feasible on a practically meaningful scale, there are massive research and development (R&D) problems across applied physics."

CEO Back's remarks appear aimed at the Bitcoin hacking risks that have been steadily raised in the cryptocurrency industry recently. Charles Edwards, founder of U.S. crypto investment firm Capriole, said the previous day (17th) that "if countermeasures for (quantum technology) are not deployed by 2028, the price of Bitcoin will fall below $50,000." He emphasized, "the (quantum technology) issue must be resolved next year," adding, "otherwise Bitcoin will face the largest bear market in its history."

Cryptocurrency expert and macroeconomist Luke Gromen also appeared on a recent podcast and said, "Quantum computers could threaten the entire cryptocurrency ecosystem," and that "in the medium to long term, they will weigh on Bitcoin's price."