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BlackRock says quantum risk to crypto is manageable with faster upgrades

In its quantum computing and blockchains report, the firm estimated about 35% of circulating Bitcoin could be vulnerable to some attack types, while 11% to 19% may be permanently lost even after migration.

Reported · Written up by our desk · Market Structure

BlackRock, the world’s biggest asset manager with more than $15 trillion in assets, says the quantum threat to Bitcoin and other crypto networks can be addressed if the industry moves quickly enough, according to its new report, Quantum Computing and Blockchains.

The firm argues that upgrading existing cryptography to quantum resistant standards is technically simpler than building a functional quantum computer capable of breaking that encryption, with the main challenge focused on timely coordination and implementation.

BlackRock also cited potential exposure in Bitcoin, saying about 35% of circulating supply may be vulnerable to certain attack types because of exposed public keys, and 11% to 19% may be permanently lost regardless of migration.

The report notes that while crypto developers have started testing quantum resistant signatures on live sidechains, upgrading is harder in practice due to Bitcoin’s decentralized, consensus driven development, and it highlights BlackRock’s involvement after debuting 2024 spot Bitcoin and Ethereum exchange traded funds.

Latest closeBitcoin $65,078.09 ▼1.6%|Ethereum $1,884.72 ▼2.5%

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