According to Jameson Lopp, a Bitcoin core developer and co-founder of crypto custody firm Casa, transitioning Bitcoin (BTC) to post-quantum standards will require at least 5-10 years. He shared his insights on the ongoing quantum computer discussion.
Lopp concurred with Adam Back, CEO of crypto infrastructure company Blockstream, stating that quantum computers do not pose an immediate threat to Bitcoin. He mentioned this in an X post.
“Quantum computers won’t break Bitcoin in the near future. We’ll keep observing their evolution. Yet, making thoughtful changes to the protocol and an unprecedented migration of funds could easily take 5 to 10 years.
“We should hope for the best, but prepare for the worst,” he added. In a separate post, he stated that upgrading the Bitcoin protocol to post-quantum standards is more challenging than centralized software due to its distributed consensus model.
The quantum threat debate and potential solutions remain a significant topic within the Bitcoin community, highlighting a growing divide between Bitcoin maximalists, who advocate caution in altering the protocol, and venture capitalists (VCs), who claim the quantum threat is imminent.
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“Quantum-resistance solutions are affordable enough to be financed by non-profits and VCs,” stated Bitcoin maximalist Pierre Rochard said.
Rochard further noted that attacking Bitcoin using quantum computers would be so costly that governments would have to “subsidize it as a collective action problem.”
Samson Mow, a Bitcoin investor and CEO of wallet company and advocacy group JAN3, also expressed skepticism about a quantum computer’s ability to compromise Bitcoin’s security.
“In reality, quantum computers can’t factor the number 21 — not 21 million — 21, without heavy customization to the algorithm,” Mow said.
Nonetheless, venture capitalists and other investment firms are cautioning that BTC’s price is influenced by the threat, or perceived threat, from quantum computers.
According to Charles Edwards, founder of digital asset investment fund Capriole, the price of BTC could drop below $50,000 if the protocol is not quantum-ready by 2028.
Edwards urged Bitcoin node operators to implement Bitcoin Improvement Proposal (BIP) 360, which presents a quantum-ready signature scheme for BTC.
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