Bitcoin Creator Satoshi Nakamoto Will Stop Being the Biggest Holder of the Cryptocurrency by the End of 2022, Bloomberg Predicts
- WBOYOriginal
- 2024-08-13 15:40:11283browse
Eric Balchunas, senior ETF analyst for Bloomberg, has predicted that Satoshi Nakamoto, the mysterious creator of Bitcoin, is likely to cease being the biggest holder of the leading cryptocurrency by the end of this year.
Senior ETF analyst at Bloomberg, Eric Balchunas, has predicted that Satoshi Nakamoto, the enigmatic creator of Bitcoin, will no longer be the largest holder of the leading cryptocurrency by the end of this year.
Instead, US-based Bitcoin exchange-traded funds will overtake him, with these funds already holding a combined 909,000 coins.
To put this into perspective, BlackRock's IBIT alone now holds 347,767 coins, making it the third-largest holder of Bitcoin.
"BlackRock alone is already #3 and on pace to be #1 late next year, and will likely stay there for a very very long time," noted Balchunas.
On Monday, Bitcoin ETFs saw another $27.9 million in net inflows.
Meanwhile, MicroStrategy, the US government, the Chinese government, and Robinhood are also among the largest Bitcoin holders.
Satoshi's mysterious fortune
However, there are some disputes over whether Satoshi actually owns 1.1 million coins, with BitMEX Research claiming that there is little evidence to support this.
According to its analysis, a single dominant miner could generate "only" up to 700,000 Bitcoins.
Satoshi's vast Bitcoin fortune has always posed a risk to the largest cryptocurrency, as it could potentially impact its monetary integrity.
The coins linked to the mysterious Bitcoin creator have not been moved in over a decade.
While it is unlikely that his heirs will ever go on a selling spree, it is possible that whoever controls this fortune has a dead man's switch.
If one day some of Satoshi's family members do start liquidating Bitcoins en masse, it could pose a significant problem for the market.
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