Could it be that we’re nearing the end of an era characterized by bonds and treasuries? A tweet from Hunter Horsley hints at the possibility of countries adopting Bitcoin Exchange-Traded Funds (ETFs) as part of their national reserves.
On January 16th, Hunter Horsley, CEO of Bitwise Asset Management, disclosed via Twitter that at least one national administration is exploring the idea of purchasing Bitcoin (BTC) through Exchange-Traded Funds (ETFs).
Recently, we’ve shared details regarding Bitcoin Exchange-Traded Funds (ETFs) for a nation seeking insights. Pondering about shifting investment from government bonds of foreign currencies to Bitcoin? Well, Bitcoin is currently embarking on an exciting new phase.
— Hunter Horsley (@HHorsley) January 15, 2025
Based on Horsley’s statements, there are rumors that an undisclosed country might be planning to move a part of its international currency reserves, usually kept in foreign government bonds, into Bitcoin.
Normally, nations keep their funds in secure investments like U.S. government securities, euros, or strong international bonds with high liquidity. If these countries were to move just a small portion of their reserves into Bitcoin, it would signify a significant change from conventional approaches to managing financial reserves.
2021 marked a groundbreaking chapter for me, as a crypto investor, when El Salvador officially recognized Bitcoin as legal tender. This monumental step signified a significant leap towards widespread cryptocurrency acceptance at the national level.
The most current update aligns with the recent remarks made by Jerome Powell, the Federal Reserve Chairman, who viewed Bitcoin less as a currency and more as a rival to gold. This underscores the increasing acceptance of Bitcoin as a legitimate investment category.
This global interest in the subject aligns with the one-year mark of Bitcoin ETFs being made available in the U.S. These ETFs have experienced significant expansion following their approval by the U.S. Securities and Exchange Commission on January 10, 2024.
Based on recent statistics from Coinglass as of January 16th, the collective assets managed by Bitcoin ETFs have soared to approximately $113.45 billion, indicating a consistent influx of investors. BlackRock’s iShares Bitcoin Trust (IBIT) dominates the market with an astounding $53.46 billion in assets under management, trailed closely by Fidelity’s Wise Origin Bitcoin Fund (FBTC) and Grayscale’s Bitcoin Trust ETF (GBTC), each overseeing more than $20 billion.
The increasing enthusiasm for Bitcoin Exchange-Traded Funds (ETFs) coincides with ongoing attempts at a state level to make Bitcoin a common part of financial transactions. For instance, Oklahoma’s State Senator Dusty Deevers recently proposed the “Bitcoin Freedom Act” (SB325), enabling employees to get paid in Bitcoin and businesses to accept Bitcoin payments as well.
During the period leading up to Donald Trump’s inauguration on January 20th, the cryptocurrency market experienced significant growth. Since Trump’s re-election, the price of Bitcoin (BTC) has risen from around $69,000 to over $100,000. This surge can be attributed to optimism about his business-friendly policies and the potential for regulatory relaxation under his administration.
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2025-01-16 17:40