BlackRock's statement on the risks posed by quantum computers highlights potential threats to the security of Bitcoin and other digital assets.
BlackRock's Update on Bitcoin ETF
On May 9, BlackRock updated the registration statement for its Bitcoin ETF (IBIT), marking the first time it explicitly acknowledged the risk of quantum technology to the Bitcoin network.
Quantum Computers and Their Impact on Cryptography
In the filing, BlackRock noted: "If quantum computing technology is able to advance, it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin."
Record Inflows into Bitcoin ETFs
Since launching in January, Bitcoin ETFs have attracted over $41 billion in net inflows. Bloomberg Intelligence reported that net inflows surpassed $40 billion on May 8.
The discussions regarding the risks associated with quantum computing and Bitcoin highlight the importance of continuously monitoring technological advancements and their implications for the crypto industry.
