BlackRock Warns of Quantum Computing Risks to Bitcoin Security
BlackRock's iShares Bitcoin Trust filing highlights risks from quantum computing for Bitcoin’s cryptographic protections, specifically SHA-256 and ECDSA. The filing references concerns aligned with NIST’s 2024 post-quantum cryptography standards.
Key points include:
- Google’s breakthrough indicates RSA encryption could be cracked with under 1 million qubits, down from earlier estimates of 20 million.
- IBM plans to develop 100,000 qubits by 2033.
- The Bitcoin developer community recognizes this threat and may implement quantum-resistant cryptography via soft forks.
- Companies like SEALSQ utilize NIST-approved algorithms like CRYSTALS-Kyber and CRYSTALS-Dilithium for enhanced security in blockchain systems.