Bitcoin developers are being pressured by the industry, including Blockstream, to address quantum threats

Discussions about quantum computer resistance for Bitcoin are increasing pressure on the development community. Renowned venture capitalist Nick Carter pointed out that large institutional investors are losing patience with the slow response of Bitcoin developers, and during a podcast appearance on Cointelegraph, he stated that if sufficient progress is not made, significant changes could occur in the existing development system. This suggests a shift in power structures within the cryptocurrency industry and is an important observation that goes beyond mere technical concerns.

Why Institutional Investors Are Calling for Action

Major asset management firms, including BlackRock, are demanding more proactive measures against security threats as their Bitcoin holdings rapidly increase. BlackRock’s approximately 761,801 Bitcoins (market cap around $50.15 billion, 3.62% of the total supply) are not just investment assets but symbolize influence within the industry. Such large holdings are likely to translate into pressure on developers.

Debates on Implementing Quantum-Resistant Technology

There are differing opinions within the industry regarding the timing of implementing quantum-resistant cryptography. Austin Campbell, founder of Zero Knowledge Consulting, agrees with Carter’s concern that structural issues could force institutional intervention if they persist. Conversely, Lumida Wealth Management founder Ram Aflwari views large institutions as primarily passive investors and believes they are unlikely to actively intervene in operations.

Positions of Major Players Including Blockstream

Among companies supporting Bitcoin infrastructure, Adam Back, CEO of Blockstream, considers fears about quantum threats to be exaggerated. He and Michael Saylor (Executive Chairman of MicroStrategy) believe that it will take decades before quantum computers impact the Bitcoin network, and that current overcaution is unnecessary. In contrast, Carol Edwards, founder of Capitol Investments, perceives quantum threats as existential risks and advocates for immediate network upgrades.

What the Divergence of Expert Opinions Indicates

Chris Bendicksen, head of Bitcoin research at CoinShares, pointed out that only a small portion of Bitcoin is vulnerable to quantum attacks and that the threat is not as imminent as some predict. The existence of these diverse views indicates that the industry is exploring how to balance long-term security and innovation for Bitcoin. Due to the complexity involving the pace of quantum technology development, technical implementation challenges, and impacts on existing users, it remains difficult to determine a definitive solution.