BlackRock flags quantum computing as risk for Bitcoin ETFs
The asset manager added a detailed overview of quantum computing threats to the risk disclosure in its Bitcoin ETF’s regulatory filing.
Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing.
On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows.
“[I]f 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,” BlackRock said.