BlackRock, the world's largest asset manager with over $15 trillion under management, published a new report on July 23 arguing that Bitcoin and other cryptocurrency networks have a genuine advantage in the race against quantum computing. The report, titled "Quantum Computing and Blockchains," concludes that upgrading existing cryptography to quantum-resistant standards is a far more manageable task than building a machine capable of breaking it.

The asset manager's entry into the crypto-quantum debate carries weight. BlackRock launched spot Bitcoin and Ethereum exchange-traded funds in 2024, and its Bitcoin ETF recorded the most successful debut in ETF industry history. CEO Larry Fink has described Bitcoin as "digital gold" and an "international asset," signaling the firm's deepening conviction in digital assets.

The whitepaper acknowledges that quantum computers present a real , but not imminent , risk to cryptocurrency networks. Current quantum machines remain error-prone, and no existing system can break Bitcoin's cryptography. However, developers and researchers have already begun preparing for a post-quantum future by testing quantum-resistant signatures on live sidechains.

In our view, PQ migration for cryptocurrencies is eminently addressable from a technical standpoint, and the key challenge is one of timely coordination and implementation," the report states.

BlackRock noted that roughly 35% of the circulating Bitcoin supply is potentially vulnerable to certain attack types due to exposed public keys. Between 11% and 19% of the supply may be permanently lost regardless of any migration effort, the firm added, likely referring to coins in wallets whose private keys have been destroyed or abandoned.