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Central banks and Bitcoin: Dalio warns of risks from quantum computers
Ray Dalio expresses doubts about Bitcoin's central bank. Blackrock warns of risks from quantum computing. Current crypto news.
Central banks and Bitcoin: Dalio warns of risks from quantum computers
Ray Dalio, the founder of Bridgewater Associates, has commented on the challenges of Bitcoin adoption by central banks. According to dailyhodl.com, Dalio does not believe that central banks Bitcoin will assume as a reserve currency. He gives several reasons for his skepticism, including the lack of privacy, since all transactions via the blockchain are publicly visible, as well as the risk that the Bitcoin code could be compromised in the future.
Although he is skeptical, Dalio keeps a small amount of Bitcoin in his portfolio. This shows that he still recognizes the potential of digital currencies. The asset manager is aware that new technologies and developments in the field of mathematics could endanger the security of cryptography systems that are decisive for blockchain technologies.
Quantum computing and the future of Bitcoin
In an accompanying prospectus for the iShares Bitcoin Trust ETF (IBIT), BlackRock points out the risk of quantum computing. Quantum computers could theoretically compromise the cryptographic systems that secure blockchains, which could lead to serious security problems. BlackRock warns that the capabilities of quantum computing could cause Bitcoin to become “flawed and ineffective.”
Dalio and BlackRock's concerns are not unfounded. Weaknesses in the source code of digital assets have been exploited in the past, leading to malfunctions and thefts. A loss of trust in cryptography could significantly impact demand for Bitcoin and other digital assets.
In summary, the discussion about the future of Bitcoin and its possible use as a reserve currency by central banks is shaped by technological threats and structures that are crucial to the security of cryptography. Dalio’s views and BlackRock’s warnings illustrate the challenges facing digital currencies. Experts agree that the market will continue to be tested in both technological infrastructure and regulatory issues.