This Week in Crypto: BlackRock Flags Quantum Computing as Existential Risk to Bitcoin; Pi Network Unveils $100 Million Fund

This week in crypto marked days of reckoning and revelation. BlackRock raised eyebrows with its cautionary stance on quantum computing's potential to crack Bitcoin.

This week in crypto saw days of reckoning and revelation. BlackRock raised eyebrows with its cautious stance on quantum computing’s potential to crack Bitcoin.

Meanwhile, Pi Network unveiled a massive $100 million fund to power Web3 startups amid fresh scrutiny. Here’s a roundup of all weekly crypto headlines, including Coinbase coming under fire for mishandling a massive insider data leak.

BlackRock Flags Quantum Computing as Existential Risk to Bitcoin

A key highlight this week was BlackRock’s latest ETF filing update. The submission ignited fresh debate after the asset manager warned that advances in quantum computing could eventually undermine Bitcoin’s cryptographic foundations.

“To be clear. These are just basic risk disclosures. They are going to highlight any potential thing that can go wrong with any product they list or underlying asset that is being invested in. It is completely standard. And honestly makes complete sense,” ETF analyst James Seyffart noted.

The disclosure, part of the BlackRock Bitcoin ETF’s risk statement, stated that quantum breakthroughs might render current security standards obsolete.

This observation was a stark admission from a financial giant investing heavily in BTC’s long-term viability.

While the scenario is still hypothetical, BlackRock's feeling compelled to include it signals a broader institutional awareness of risks beyond volatility or regulation.

The sentiment is that, in theory, Bitcoin’s reliance on elliptic curve cryptography could be vulnerable to future quantum decryption. However, some like Ben Owiti dismiss the threat as distant but agree it is not too early to prepare post-quantum protections.

With trillions of dollars potentially flowing into tokenized markets in the coming decade, BlackRock’s stark note adds urgency to ongoing efforts to future-proof blockchain security.

Pi Network Unveils $100 Million Fund But Faces Criticism

Another highlight this week was Pi Network’s $100 million fund. BeInCrypto reported the network’s bold plan to allocate 10% of its native token to support developers building apps within its enclosed mainnet ecosystem.

The fund aims to foster real-world applications and stimulate long-term utility for its users.

“Pi Network Ventures has officially launched - a $100 million initiative, held in Pi and USD, to invest in startups and businesses that advance the utility and real-world adoption of Pi,” announced the network.

However, the announcement was met with controversy, with some critics like crypto news outlet TokenPost slamming the project’s lack of transparency.

They cited questionable ecosystem progress, missed promises, and referral reward failures, among other shortfalls.

Still, the funding marks a serious commitment to bootstrapping Web3 startups from within, aligning with Pi Network’s long-standing promise of grassroots crypto adoption.

Analysts Say Ethereum Has a Shot at Flipping Bitcoin

Analysts also said this week that Ethereum may be on the brink of challenging Bitcoin’s market dominance as the blockchain giant is rapidly gaining ground on BTC in price and fundamental utility.

According to a report by AZCoin News, several analysts have highlighted Ethereum’s massive lead in daily active users, network revenue, and ecosystem development as a sign that a “flippening” could still happen this year.

“ETH is absolutely KILLING Bitcoin right now. Ethereum could become the number 1 digital asset soon at this rate. Bitcoin Maxi’s in disbelief.”

While Bitcoin is still seen as the ultimate store of value, Ethereum is driving innovation in decentralized finance (DeFi), non-fungible tokens (NFTs), and layer-2 scaling solutions.

Internet Capital Markets Tokens: Crypto’s Emerging Trend?

As traditional finance (TradFi) merges with the digital sphere, new avenues for investment and revenue generation are continually arising. In a rapidly evolving landscape, fresh trends in crypto are emerging.

Among the notable tokens to watch this week are Launch Coin (LAUNCHCOIN), Dupe (DUPE), and CreatorBuddy (BUDDY).

These tokens go beyond mere speculation, actively facilitating the on-chain version of familiar financial products or serving as governance tokens for decentralized autonomous organizations (DAOs) that are developing interesting projects.

However, Launch Coin stands out as the highlight, bringing forth the Believe application’s token and placing it at the center of the Internet Capital Markets trend.

Launch Coin on Believe facilitates the creation of meme tokens on Solana. Users can launch tokens from X, inputting a ticker and name, as community hype drives funding for the selected project.

Despite the hype, it is crucial to note that Believe controls the backend of the entire application. This factor poses a significant risk, especially considering the potential for malicious actors to exploit any vulnerabilities in the Believe code to compromise user tokens or funds.

Data from the Dune analytics dashboard reveals that the application has witnessed an impressive launch of over 17,000 tokens and an engaged user base of 267,386 traders.

Furthermore, the platform has seen a substantial trading volume of $2.2