According to Jameson Lopp, a Bitcoin core developer and co-founder of the crypto custody firm Casa, migrating Bitcoin (BTC) to post-quantum standards will require at least 5 to 10 years. Lopp shared his insights on the ongoing discourse surrounding quantum computing.
Lopp concurred with Adam Back, CEO of Blockstream, asserting that quantum computers do not pose an imminent threat to Bitcoin. This was mentioned in an X post.
“Quantum computers won’t compromise Bitcoin in the near future. We’ll continue to monitor their progress. However, implementing thoughtful protocol changes and executing a large-scale migration of funds could easily take 5 to 10 years.
“We should be optimistic, but also prepare for the worst,” he noted. In a different post, he mentioned that upgrading the Bitcoin protocol to post-quantum standards poses more challenges than centralized software due to its distributed consensus system.
The discussion regarding the quantum threat and potential solutions remains a significant topic within the Bitcoin community, highlighting a widening divide between Bitcoin maximalists, who advocate for caution regarding protocol changes, and venture capitalists (VCs), who argue that the quantum threat is pressing.
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“Solutions for quantum resistance are cost-effective enough to be supported by non-profits and VCs,” remarked Bitcoin maximalist Pierre Rochard said.
Rochard further stated that attacking Bitcoin with quantum computers would be so costly that governments would likely need to “subsidize it as a collective action problem.”
Samson Mow, a Bitcoin investor and CEO of the wallet company and advocacy group JAN3, also expressed skepticism about the capability of quantum computers to breach Bitcoin’s security.
“In truth, quantum computers can’t factor the number 21 — not 21 million — just 21, without extensive algorithm customization,” Mow said.
Despite these reassurances, venture capitalists and other investment firms caution that BTC’s value may be affected by the actual or perceived threat from quantum computers.
Charles Edwards, founder of the digital asset investment fund Capriole, indicated that BTC’s price could fall below $50,000 if the protocol isn’t quantum-ready by 2028.
Edwards urged Bitcoin node operators to adopt Bitcoin Improvement Proposal (BIP) 360, which aims to introduce a quantum-ready signature scheme for BTC.
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