Blockstream CEO Adam Back has ripped into Bitcoiner VC over his claims regarding quantum risks. Back took to blogging platform X on Friday, criticizing Castle Island Venture founding partner Nic Carter for amplifying concerns about quantum computing threats to leading digital asset Bitcoin.
“You make uninformed noise and try to move the market or something. You’re not helping,” Back said in an X post on Friday. The Blockstream CEO made the post after Carter made a post on X explaining why Castle Island Ventures invested in Project Eleven, a startup focused on protecting Bitcoin and other digital assets from the threats of quantum computing. Over the past few months, there have been calls from within the crypto industry over the likelihood of quantum computing disrupting cryptography, rendering many encryption methods that we have today vulnerable.
Blockstream CEO criticizes Carter over quantum risks narratives
In his post, the Blockstream CEO mentioned that the Bitcoin community is not denying the need for research and development of protections against potential quantum computing threats. He highlighted that the work is currently being carried out, noting that they are doing it ‘quietly.’ However, Carter fired back, noting that many Bitcoin developers are still in denial about the risk of quantum computing affecting Bitcoin and making its encryption vulnerable.
While Castle Island Ventures’ investment recently became a topic of discussion with the Bitcoin community, Carter first disclosed the investment in a Substack post on October 20. “I disclosed this in the first sentence of my main article on quantum. Can’t get more transparent than that,” Carter said. Carter highlighted that he invested in the work being done by Project Eleven because its CEO, Alex Pruden, “quantum pilled” him. “I became extremely concerned about quantum threats to blockchains. I put capital behind my convictions, always have,” he said.
Carter added that he knew that he would suffer criticisms such as the Blockstream CEO’s, and that was why he was absolutely clear about his financial exposure in the project. Carter raised several points why he feels quantum computing could pose a risk to Bitcoin, highlighting governments’ planning for a post-quantum world, Bitcoin itself being a bug bounty for quantum supremacy, and the increasing amount of investment in quantum firms.
Bitcoin community divided over the seriousness of the issue
Nic Carter is not the only popular Bitcoin figure to have recently increased his warnings about the potential threat that quantum computing could pose to Bitcoin. Capriole Investments founder Charles Edwards warned in a post on X on Thursday. He mentioned that a quantum computer could break Bitcoin in the next 2-9 years. He noted that if the security is not upgraded, there is a likelihood that it will happen in the next 4-5 year range, noting that it is the time frame that all experts have predicted.
“Don’t believe the naysayers. We have already entered the Quantum Event Horizon: the frontier risk of a quantum hack is the same amount of time away as upgrade consensus and roll-out. We must act in 2026. Let’s finish and deploy BIP 360,” Edwards added. Meanwhile, others have shown little or no concern about the issue at hand. An example is Kevin O’Leary, who recently mentioned that using a quantum computer to break Bitcoin wouldn’t be the most effective use of the technology.
He highlighted that the technology could be put to better use in areas like AI-driven medical research, which he describes as a more valuable use. Meanwhile, the Blockstream CEO noted that it is good for Bitcoin to be quantum-ready, noting that it won’t be a threat for the next few decades, as the technology is still too early and has research and development issues.
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