BlackRock show concern; Says BTC Source Code Could Be Rendered Flawed
Yeah BlackRock Issues Bitcoin Warning, Says BTC Source Code Could Be Rendered ‘Flawed or Ineffective’ by Quantum Computing
BlackRock, which is the first ever successful Bitcoin ETF, now holds over 275,000 Bitcoins, through its shares Bitcoin Trust (IBTT). Recenyl they raised a concern that Bitcoin source code and cryptographic security could be broken, if not now but in the future by quantum computers which impose a huge risk to how large they hold Bitcoin. The concern is specifically on how fast quantum computers can advance.
Actually, everything (emails, banks, treasury, https website, messaging/privacy apps, VPN etc) will be rendered flawed or ineffective by quantum computing.
Forbes
Cointelegraph
The amended prospectus, filed on May 9, includes extensive details about how quantum computing advances could compromise Bitcoin’s cryptographic security.
As filed with the Securities and Exchange Commission on May 9, 2025.
Sources
THE DAILY HODL
BlackRock, which is the first ever successful Bitcoin ETF, now holds over 275,000 Bitcoins, through its shares Bitcoin Trust (IBTT). Recenyl they raised a concern that Bitcoin source code and cryptographic security could be broken, if not now but in the future by quantum computers which impose a huge risk to how large they hold Bitcoin. The concern is specifically on how fast quantum computers can advance.
Actually, everything (emails, banks, treasury, https website, messaging/privacy apps, VPN etc) will be rendered flawed or ineffective by quantum computing.
Forbes
Cointelegraph
The amended prospectus, filed on May 9, includes extensive details about how quantum computing advances could compromise Bitcoin’s cryptographic security.
As filed with the Securities and Exchange Commission on May 9, 2025.
Quote
“…In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality for users, exposed users’ personal information and/or resulted in the theft of users’ digital assets.
The cryptography underlying Bitcoin could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Bitcoin network or take the Trust’s Bitcoin, which would adversely affect the value of the Shares. Moreover, the functionality of the Bitcoin network may be negatively affected such that it is no longer attractive to users,
thereby dampening demand for Bitcoin.
Even if another digital asset other than bitcoin were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.
Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus.”
The cryptography underlying Bitcoin could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Bitcoin network or take the Trust’s Bitcoin, which would adversely affect the value of the Shares. Moreover, the functionality of the Bitcoin network may be negatively affected such that it is no longer attractive to users,
thereby dampening demand for Bitcoin.
Even if another digital asset other than bitcoin were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.
Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus.”
Sources
THE DAILY HODL