Quantum computing a risk to Bitcoin network: Blackrock
BlackRock's regulatory filing for its iShares Bitcoin ETF (IBIT) highlights potential risks posed by quantum computing to Bitcoin's cryptographic security. The filing states that advancements in quantum technology could undermine the cryptographic algorithms essential for digital assets like Bitcoin. This is the first explicit mention of such risks in BlackRock's IBIT disclosures. The IBIT ETF, with approximately $64 billion in net assets, is the largest spot Bitcoin ETF. Since its launch, Bitcoin ETFs have attracted over $41 billion in net inflows, surpassing previous all-time highs. Analysts note that risk disclosures are standard practice to address all potential issues with investment products. Tether CEO Paolo Ardoino has suggested that quantum computing could allow hackers to access dormant Bitcoin wallets, potentially bringing lost coins back into circulation.
