- Adam Back, CEO of Blockstream, criticized Nic Carter of Castle Island Ventures for raising quantum computing concerns about Bitcoin.
- Castle Island Ventures invested in Project Eleven, a startup focused on defending crypto assets against quantum computing threats.
- Back said the Bitcoin community is quietly researching defenses, while Carter argued many developers remain in denial.
- Others, including Charles Edwards, warn quantum computing could threaten Bitcoin within two to nine years unless upgrades occur.
- Some, like Kevin O’Leary and Back, consider the quantum threat distant and not an immediate risk.
Adam Back, the CEO of Blockstream, publicly challenged Nic Carter, founding partner of Castle Island Ventures, for emphasizing quantum computing risks to Bitcoin. Back accused Carter of making “uninformed noise” aimed at influencing the market. Carter had explained why his firm invested in Project Eleven, a startup dedicated to protecting Bitcoin and other cryptocurrencies from quantum computing threats, in a post on X, formerly Twitter, last week (source).
Back defended the Bitcoin community’s approach, stating it is actively studying quantum security quietly. Carter disagreed, saying many Bitcoin developers are still in “total denial” about the quantum threat to the network. Carter first disclosed his firm’s investment in Project Eleven on October 20 in a Substack article (source) and emphasized his transparency regarding the financial involvement.
Carter described how the CEO of Project Eleven, Alex Pruden, convinced him of the serious risks, using the term “quantum pilled.” He mentioned several concerns, including governments preparing for a post-quantum era, Bitcoin’s vulnerability as a potential target for quantum supremacy, and growing investments in quantum technology (source).
Other voices in the Bitcoin space have recently echoed quantum danger warnings. Charles Edwards, founder of Capriole Investments, cautioned on X that unless Bitcoin adopts quantum-resistant cryptography, quantum computing could become a threat within two to nine years (source). In contrast, entrepreneur Kevin O’Leary expressed skepticism, suggesting quantum computers would be better used in fields like AI-driven medical research rather than attacking Bitcoin.
Back also commented that becoming “quantum ready” is positive for Bitcoin but sees no serious threat for several decades due to the early stage of quantum technology and its current developmental challenges.
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