BlackRock Warns Quantum Computing May Affect Bitcoin Crypto Security
According to Cointelegraph, asset management company BlackRock stated in regulatory filings that emerging technologies such as quantum computing could render the cryptography of Bitcoin and other blockchain networks ineffective. On May 9, BlackRock updated its registration statement for the iShares Bitcoin ETF (IBIT), noting that quantum computing could pose a risk to the integrity of the Bitcoin network. IBIT is the largest spot Bitcoin ETF, with net assets of approximately $64 billion. Quantum computing aims to leverage the principles of quantum mechanics to enhance computer processing power. Analyst James Seyffart stated that risk disclosure is standard procedure and that all potential risks need to be emphasized. Since its launch in January, the Bitcoin ETF has attracted over $41 billion in net inflows. On May 8, net inflows into the Bitcoin ETF reached an all-time high of over $40 billion. Tether CEO Paolo Ardoino once predicted that quantum computing would enable hackers to crack inactive Bitcoin wallets.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.