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BlackRock Cautions Bitcoin And Ethereum Investors About Quantum Computing
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BlackRock has entered the quantum-computing debate with a new report warning that future breakthroughs could eventually threaten the cryptography securing Bitcoin, Ethereum and much of the broader digital-asset market.
Key facts
- The report notes that Google has moved its post-quantum migration deadline to 2029, while IBM is targeting large-scale fault-tolerant quantum computing between 2029 and 2033
- It cites Chainalysis estimates that 2.3 million to 3.7 million BTC, or 11% to 19% of circulating supply, may be permanently lost
- The report says nearly 7 million BTC, or roughly 35% of circulating supply, may be vulnerable to long-range quantum attacks because public keys have already been exposed
- The report cites four Ethereum vulnerability areas identified by Vitalik Buterin in early 2026: BLS signatures in the consensus layer, KZG proofs in the data layer, externally owned account
Summary
The report, titled “Quantum Computing and Blockchains,” was authored by Will Su, Head of Digital Assets Research at BlackRock, Inish Crisson, Senior Software Engineer at Aladdin Digital Assets Lab, and Robert Mitchnick, BlackRock’s Head of Digital Assets. “Quantum computing has been the subject of growing attention in recent years, particularly due to its implications for blockchains and many other elements of modern cyber infrastructure,” the authors wrote. BlackRock stresses that no functional Cryptographically Relevant Quantum Computer, or CRQC, exists today. The main issue is not Bitcoin’s proof-of-work engine.