As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of shifts in power and dominance. In the case of Bitcoin, it seems that the mysterious Satoshi Nakamoto may soon lose his crown as the largest holder of the leading cryptocurrency. With institutions like BlackRock amassing significant Bitcoin holdings through ETFs, it’s only a matter of time before they take the top spot.
According to Eric Balchunas, a senior ETF analyst at Bloomberg, it’s anticipated that the enigmatic inventor of Bitcoin, Satoshi Nakamoto, may no longer be the largest owner of Bitcoin by the end of 2021.
He will be surpassed by US-based Bitcoin exchange-traded funds that already hold a combined 909,000 coins.
BlackRock currently possesses approximately 347,767 Bitcoins through its IBIT, making it the third-largest Bitcoin holder at present. Analyst Balchunas predicts that BlackRock could become the number one holder of Bitcoin by late next year and may maintain this position for an extended period.
On Monday, Bitcoin ETFs attracted another $27.9 million worth of net inflows.
Among significant Bitcoin investors are MicroStrategy, various U.S., Chinese governments, and Robinhood as well.
Satoshi’s mysterious wealth
Despite ongoing discussions, it’s unclear if Satoshi Nakamoto truly possesses around 1.1 million Bitcoin. Evidence for this claim appears scant based on BitMEX Research findings. In reality, even a powerful miner could mine only approximately 700,000 Bitcoins, as suggested by their analysis.
The vast wealth associated with Satoshi’s Bitcoin holdings has long been viewed as a potential threat to the stability of the largest cryptocurrency, as it might influence its monetary soundness.
As a researcher examining the Bitcoin phenomenon, I’ve noticed that the coins linked to the enigmatic creator, known as Satoshi Nakamoto, have remained untouched for over a decade. Although it’s improbable that he’ll suddenly decide to offload his fortune in a selling frenzy, there’s an intriguing possibility: someone might be holding this wealth with a ‘last resort’ mechanism, often referred to as a dead man’s switch.
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2024-08-13 08:37