How Bitcoin ETFs are dominating

Plus, is El Salvador's Bitcoin City happening soon?

Author

Daniel Akpobare
August 14, 2024

 

GM Explorer,

Bitcoin ETFs are rapidly approaching and may even surpass the amount of Bitcoin held by Satoshi Nakamoto.

Here’s what we got for you today:

  • 📈 How Bitcoin ETFs are dominating!

  • 🤔 Is El Salvador's Bitcoin City happening soon?

  • 🧱 Around The Block: UAE and India use XRP, not the US dollar, in historic oil trade.

📈 How Bitcoin ETFs are Dominating!

Crypto fans! You won't believe what's happening in the world of Bitcoin.

Those super-successful Bitcoin exchange-traded funds (ETFs) that launched this year are about to surpass the amount of Bitcoin held by the cryptocurrency's mysterious founder, Satoshi Nakamoto!

Right now, these 10 spot Bitcoin funds now trading on American stock exchanges hold close to a million digital coins, and are accumulating more every day.

In fact, analyst Eric Balchunas predicts they'll overtake Satoshi's stash of 1.1 million BTC by October!

And get this - BlackRock's fund alone is expected to become the largest holder by late 2025.

But here's the thing:

Satoshi's true identity remains a mystery, and we can't even confirm they actually hold that many coins.

Still, if they do, that's a whopping $67 billion worth of Bitcoin! And according to Balchunas, the spot Bitcoin ETFs aren’t too far from reaching that mark.

So, how did they get here?

Well, the launch of these Bitcoin ETFs has been a game-changer, allowing investors to buy Bitcoin safely and easily.

As a result, top fund managers like BlackRock and Fidelity are holding billions of dollars worth of Bitcoin on behalf of investors.

The success of these ETFs demonstrates that investors are eager to join the Bitcoin action due to the safety and regulation of these ETFs.

So, what do you think? Is it time to start considering being an investor yourself?

Well, you should do some comprehensive research before you embark. You can read the full version here - trust me, there’s a whole lot in there!

🤔 Is El Salvador's Bitcoin City happening soon?

In 2021, El Salvador’s President Nayib Bukele announced his ambitious “Bitcoin City” project, a tax-free city that leverages geothermal energy for Bitcoin mining.

And now, it seems like the project is about to get a major boost!

President Bukele shared a video statement detailing a significant $1.6 billion investment from a Turkish company called “Yilport Holdings.”

This is the largest private investment in El Salvador’s history and will allow Yilport to upgrade and manage two major seaports, Acajutla and La Union, for the next 50 years.

The Acajutla Seaport is the hub for most of the nation’s exports of coffee, sugar, and balsamic salts from Peru.

And the La Union Seaport, which has been inactive for nearly two decades, is where the ambitious Bitcoin City is set to rise.

But there’s a catch:

The initial phase of work at La Unión will focus on dredging and procuring new equipment. However, it’s not entirely clear if this is linked to the construction of Bitcoin City.

Nevertheless, one thing is for sure — this investment is fantastic news for the country!

Stacy Herbert, head of El Salvador’s National Bitcoin Office, noted that it would help create “thousands of direct and indirect jobs” and usher in more investment in local infrastructure.

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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