Emerging technologies, like the oh-so-terrifying quantum computing, could potentially ruin the cryptography that currently keeps Bitcoin and other blockchain networks as secure as a vault. Or not. It’s a possibility, according to asset manager BlackRock. Because why not throw a wrench in the works of the most chaotic financial system the world has ever seen?
On May 9, BlackRock decided it was time to update the registration statement for its iShares Bitcoin ETF (IBIT) – the grandmaster of Bitcoin ETFs, with about $64 billion in net assets. What did they update? Oh, just a little something about the potential risks quantum computing poses to the integrity of the Bitcoin network. Small stuff, really.
“If quantum computing technology advances to the point where it’s able to break cryptographic codes, it could spell doom for many of the digital assets we’ve come to know and love, including Bitcoin,” BlackRock warned. Yeah, thanks for the heads-up, guys. We were really sleeping peacefully before that one.
Now, this is the first time BlackRock has officially flagged this looming threat in its IBIT disclosures. They’ve been too busy making money off of the $64 billion monster of a Bitcoin ETF to worry about things like *what if quantum computing suddenly decides to break everything?* But here we are. You’re welcome.
Quantum computing, in case you haven’t heard, is a rapidly evolving field that plans to make computers do things that seem downright magical – like breaking cryptographic algorithms that are meant to secure everything. But sure, let’s just go ahead and mess with that whole thing, right?
Record-breaking Inflows – Because What Could Go Wrong?
James Seyffart, a Bloomberg Intelligence analyst, reminds us that risk disclosures are a standard part of financial documents. And yes, that means including *every* potential catastrophe, even ones that might only happen if pigs fly. “They’ll highlight every possible thing that could go wrong,” Seyffart said in a May 9 X post. Well, that’s reassuring. It’s good to know they’re covering all bases – even the imaginary ones.
But here’s the kicker: since Bitcoin ETFs launched in January, they’ve managed to rake in over $41 billion in net inflows. So clearly, something is working here, even if quantum computing is lurking in the shadows like a bad horror movie villain.
On May 8, Bitcoin ETF net inflows hit a jaw-dropping new record, breaking the previous high of $40 billion. Because why not keep pushing those boundaries when everyone is expecting the end of the world, right?
“Lifetime net flows is #1 most imp metric to watch IMO, very hard to grow, pure truth, no bs,” said Bloomberg Intelligence analyst Eric Balchunas in a May 9 X post. “It’s impressive they made it to this new high so soon after the world was supposed to end.” Well, isn’t that a silver lining in a world of constant uncertainty? Cheers to us, right?
In February, Tether CEO Paolo Ardoino chimed in with his own prediction: quantum computing will eventually allow hackers to break into those poor, forgotten Bitcoin wallets and steal the dormant coins within. “Any Bitcoin in lost wallets, including Satoshi’s stash (if he’s still out there), will be hacked and put back in circulation,” Ardoino said in a Feb. 8 X post. So yeah, it’s not just the cryptography that’s in danger – it’s the *entirety* of Bitcoin, apparently. No big deal.
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2025-05-13 00:08