The launch of the first exchange-traded funds that replicate the behavior of Bitcoin has exceeded all expectations. Investor acceptance of these products has been well above forecasts, and has brought these funds to the brink of becoming the largest holder of Bitcoin on the planet in their first year of operation. According to Bloomberg calculations, exchange-traded funds will surpass Satoshi Nakamoto, the enigmatic creator of the cryptocurrency, as the largest owners of Bitcoin this month. This milestone comes shortly after ETFs have surpassed $100 billion in assets, a milestone that has been achieved in 11 months, when the agency’s analysts expected it to be achieved in 3 or 4 years.
Nobody knows who Nakamoto is. Speculation about the creator of the Bitcoin protocol has continued since his first publications, in 2008, about the creation of a digital currency. From a middle-aged Japanese man with very high abilities, to various renowned mathematicians, to groups of people who carried out the project, Nakamoto’s identity remains a mystery. What is public is his holding of Bitcoin, which would reach 1.1 million units, the largest amount of the cryptocurrency found in “single” hands.
Nakamoto has been the king of the currency he invented from the first moment, but 2024 will mark an important milestone for the currency in this sense: the United States exchange-traded funds that replicate the behavior of Bitcoin They are going to become this month, less than a year after their launch, the largest holder of the crypto asset on the entire planetaccording to calculations carried out by the agency’s analysts Bloomberg.
ETFs sweep in their first year
At the start of December, Nakamoto led the list of largest holders, with 1.1 million Bitcoins in his hands, but close behind were the American exchange-traded funds, with 1,077 million units of the cryptocurrency in their hands. heritage. The third largest holder is now Binance, but it is well below the two leaders, since the trading firm owns 649,943 Bitcoins.
The agency highlights the meteoric rise that these products have had since their launch in January 2024: the calculations of the strategy team of Bloomberg They pointed out, as their most optimistic scenario, that there would be some 15,000 million dollars in subscriptions to these funds during their first year of life, an estimate that has fallen far below reality, in a year in which there have been subscriptions for more than 31,000 million dollars.
Only the manager BlackRock, with its Bitcoin exchange-traded funds, will be able to overtake Nakamoto alone in 2025. According to the agency’s calculations, this could happen at the end of next year, although they recognize that, in such a long period of time, “many things can happen.”
The reality is that the launch of the first ETFs has been more than a success. These funds have managed to beat the equity level of $100 billion in less than a year, a milestone that gold took 16 years to reach. The fact that Bitcoin ETFs have arrived when these products are much more established in the investment industry will undoubtedly have been of great help for the records that have been broken in 2024.
The experts of Bloomberg They also assess the possibility that Bitcoin ETFs will overtake gold ETFs by equity this month, before 2025 begins, a very notable acceleration, taking into account that their forecasts indicated that this milestone would not occur until 3 or 4 years after the launch of exchange-traded funds.
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