CINXE.COM

<!DOCTYPE html><html lang="en" dir="ltr"><head><link rel="preconnect" href="https://tru.am"/><link rel="dns-prefetch" href="https://tru.am"/><link rel="preconnect" href="https://cdn.confiant-integrations.net"/><link rel="dns-prefetch" href="https://cdn.confiant-integrations.net"/><link rel="preconnect" href="https://sb.scorecardresearch.com"/><link rel="dns-prefetch" href="https://sb.scorecardresearch.com"/><link rel="preconnect" href="https://c.amazon-adsystem.com"/><link rel="dns-prefetch" href="https://c.amazon-adsystem.com"/><link rel="preconnect" href="https://cdn.optimizely.com"/><link rel="dns-prefetch" href="https://cdn.optimizely.com"/><link rel="preconnect" href="https://cdn.permutive.com"/><link rel="dns-prefetch" href="https://cdn.permutive.com"/><link rel="preconnect" href="https://identity.mparticle.com"/><link rel="dns-prefetch" href="https://identity.mparticle.com"/><link rel="preconnect" href="https://jssdkcdns.mparticle.com"/><link rel="dns-prefetch" href="https://jssdkcdns.mparticle.com"/><link rel="preconnect" href="https://micro.rubiconproject.com"/><link rel="dns-prefetch" href="https://micro.rubiconproject.com"/><link rel="preconnect" href="https://cdn.confiant-integrations.net"/><link rel="dns-prefetch" href="https://cdn.confiant-integrations.net"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="dns-prefetch" href="https://securepubads.g.doubleclick.net"/><link rel="preconnect" href="https://googleads.g.doubleclick.net"/><link rel="dns-prefetch" href="https://googleads.g.doubleclick.net"/><link rel="preconnect" href="https://pagead2.googlesyndication.com"/><link rel="dns-prefetch" href="https://pagead2.googlesyndication.com"/><link rel="preconnect" href="https://s.ntv.io"/><link rel="dns-prefetch" href="https://s.ntv.io"/><link rel="preconnect" href="https://static.chartbeat.com"/><link rel="dns-prefetch" href="https://static.chartbeat.com"/><link rel="preconnect" href="https://config.aps.amazon-adsystem.com"/><link rel="dns-prefetch" href="https://config.aps.amazon-adsystem.com"/><link rel="preconnect" href="https://cdn.jsdelivr.net"/><link rel="dns-prefetch" href="https://cdn.jsdelivr.net"/><link rel="preconnect" href="https://s.go-mpulse.net"/><link rel="dns-prefetch" href="https://s.go-mpulse.net"/><link rel="preconnect" href="https://www.googletagmanager.com"/><link rel="dns-prefetch" href="https://www.googletagmanager.com"/><link rel="preconnect" href="https://pixel.tapad.com"/><link rel="dns-prefetch" href="https://pixel.tapad.com"/><link rel="preconnect" href="https://api.permutive.com"/><link rel="dns-prefetch" href="https://api.permutive.com"/><link rel="preconnect" href="https://www.queryly.com"/><link rel="dns-prefetch" href="https://www.queryly.com"/><link rel="preconnect" href="https://widgets.sports.bellmedia.ca"/><link rel="dns-prefetch" href="https://widgets.sports.bellmedia.ca"/><link rel="preconnect" href="https://jadserve.postrelease.com"/><link rel="dns-prefetch" href="https://jadserve.postrelease.com"/><link rel="preconnect" href="https://s3.us-west-2.amazonaws.com"/><link rel="dns-prefetch" href="https://s3.us-west-2.amazonaws.com"/><link rel="preconnect" href="https://tpc.googlesyndication.com"/><link rel="dns-prefetch" href="https://tpc.googlesyndication.com"/><link rel="preconnect" href="https://s0.2mdn.net"/><link rel="dns-prefetch" href="https://s0.2mdn.net"/><link rel="preconnect" href="https://www.googletagservices.com"/><link rel="dns-prefetch" href="https://www.googletagservices.com"/><link rel="preconnect" href="https://ad.doubleclick.net"/><link rel="dns-prefetch" href="https://ad.doubleclick.net"/><link rel="preconnect" href="https://eus.rubiconproject.com"/><link rel="dns-prefetch" href="https://eus.rubiconproject.com"/><link rel="preconnect" href="https://ib.adnxs.com"/><link rel="dns-prefetch" href="https://ib.adnxs.com"/><link rel="preconnect" href="https://prebid-server.rubiconproject.com"/><link rel="dns-prefetch" href="https://prebid-server.rubiconproject.com"/><link rel="preconnect" href="https://assets.a-mo.net"/><link rel="dns-prefetch" href="https://assets.a-mo.net"/><link rel="preconnect" href="https://d6vbkv8rsyksv.cloudfront.net"/><link rel="dns-prefetch" href="https://d6vbkv8rsyksv.cloudfront.net"/><meta name="viewport" content="width=device-width, initial-scale=1"/><meta charset="UTF-8"/><link rel="icon" type="image/x-icon" href="/pf/resources/images/bnn-bloomberg/favicon.ico?d=88"/><title>Establishment’s Takeover of Bitcoin Creates a New List of Risks – BNN Bloomberg</title><meta name="description" content="Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto."/><meta name="twitter:description" content="Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto."/><meta property="og:description" content="Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto."/><meta name="keywords" content="Materials,Business,Markets,Company News,Computers,ETFs,General,Government,Industry,Metals & Mining,North America,Technology,Technology Services,Top News,Unites States,World,Top World"/><meta property="og:title" content="Establishment’s Takeover of Bitcoin Creates a New List of Risks"/><meta name="twitter:title" content="Establishment’s Takeover of Bitcoin Creates a New List of Risks"/><meta property="og:image" content="https://www.bnnbloomberg.ca/resizer/v2/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg?smart=true&auth=90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9&width=1200&height=630"/><meta name="twitter:image" content="https://www.bnnbloomberg.ca/resizer/v2/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg?smart=true&auth=90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9&width=1200&height=630"/><meta property="og:type" content="article"/><meta name="robots" content="noarchive"/><meta property="og:site_name" content="BNN Bloomberg"/><meta property="og:url" content="https://www.bnnbloomberg.ca/investing/2024/12/01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/"/><meta name="twitter:site" content="@BNNBloomberg"/><meta name="twitter:card" content="summary_large_image"/><link rel="canonical" href="https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/"/><meta property="article:author" content="Olga Kharif, Isabelle Lee"/><meta property="article:section" content="investing"/><meta property="article:modified_time" content="2024-12-02T09:29:42.798Z"/><meta property="article:published_time" content="2024-12-01T15:00:00Z"/><meta name="robots" content="max-image-preview:large"/><script type="application/ld+json">{ "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": "https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks", "isAccessibleForFree": true, "datePublished": "2024-12-01T15:00:00Z", "dateModified": "2024-12-02T09:29:42.798Z", "headline": "Establishment’s Takeover of Bitcoin Creates a New List of Risks", "description": "Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto.", "author": [ { "@type": "Person", "name": "Olga Kharif" }, { "@type": "Person", "name": "Isabelle Lee" } ], "image": { "@type": "ImageObject", "url": "https://www.bnnbloomberg.ca/resizer/BOc8wW6_uvmsFbAuGq0gvK6FR_Y=/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg", "height": 798, "width": 1296 }, "thumbnailUrl": "https://www.bnnbloomberg.ca/resizer/PFfL9sY-qnaUsiygC3_t4Imz6_w=/300x0/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg", "correction": [] }</script><link id="fusion-template-styles" rel="stylesheet" type="text/css" href="/pf/dist/components/combinations/default.css?d=88"/><link id="fusion-siteStyles-styles" rel="stylesheet" type="text/css" href="/pf/dist/css/bnn-bloomberg.css?d=88"/><link rel="stylesheet" href="https://stackpath.bootstrapcdn.com/bootstrap/4.1.3/css/bootstrap.min.css"/><script type="application/javascript" id="polyfill-script">if(!Array.prototype.includes||!(window.Object && window.Object.assign)||!window.Promise||!window.Symbol||!window.fetch){document.write('<script type="application/javascript" src="/pf/dist/engine/polyfill.js?d=88" defer=""><\/script>')}</script><script id="fusion-engine-react-script" type="application/javascript" src="/pf/dist/engine/react.js?d=88" defer=""></script><script id="fusion-engine-combinations-script" type="application/javascript" src="/pf/dist/components/combinations/default.js?d=88" defer=""></script><style>body { writing-mode: horizontal-tb; }</style><script src="https://cdn.optimizely.com/js/30066350836.js"></script><script data-integration="inlineScripts"> (function() { var _sf_async_config = window._sf_async_config = (window._sf_async_config || {}); _sf_async_config.uid = 65778; _sf_async_config.domain = "bnnbloomberg.ca"; _sf_async_config.useCanonical = true; _sf_async_config.useCanonicalDomain = true; _sf_async_config.flickerControl = false; _sf_async_config.sections = "article"; _sf_async_config.authors = "Olga Kharif, Isabelle Lee"; })(); ; window.addEventListener('DOMContentLoaded', (event) => { queryly.init("e5c9f131f6f04418", document.querySelectorAll("#fusion-app")); }); ;window.isIE = !!window.MSInputMethodContext && !!document.documentMode;</script><script id="permutiveInline"> !function(n,e,o,r,i){if(!e){e=e||{},window.permutive=e,e.q=[],e.config=i||{},e.config.projectId=o,e.config.apiKey=r,e.config.environment=e.config.environment||"production";for(var t=["addon","identify","track","trigger","query","segment","segments","ready","on","once","user","consent"],c=0;c<t.length;c++){var f=t[c];e[f]=function(n){return function(){var o=Array.prototype.slice.call(arguments,0);e.q.push({functionName:n,arguments:o})}}(f)}}}(document,window.permutive,"289d106c-df24-4cd9-a9fa-753e928c23ad","b1a4360a-3db9-4b39-b09d-c3e14666840a",{}); window.googletag=window.googletag||{},window.googletag.cmd=window.googletag.cmd||[],window.googletag.cmd.push(function(){if(0===window.googletag.pubads().getTargeting("permutive").length){var g=window.localStorage.getItem("_pdfps");window.googletag.pubads().setTargeting("permutive",g?JSON.parse(g):[])}}); permutive.addon('web', { "page": { "user_info": { "authStatus": "anonymous" }, "product_info": { "platform": "web", "productName": "bnnbloomberg", "environment": "production" }, "page_info": { "type": "article", "siteSection": "investing", "name": "bnnbloomberg:investing:the-establishment-takeover-of-bitcoin-creates-new-list-of-risks:article", "gsCat": [] }, "article_info": { "author": "Olga Kharif, Isabelle Lee", "title": "Establishment’s Takeover of Bitcoin Creates a New List of Risks", "id": "https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks" } } }) </script><script id="permutive" async="" src="https://cdn.permutive.com/289d106c-df24-4cd9-a9fa-753e928c23ad-web.js"></script><script id="amazon-header-bidding-inline" data-integration="amazonScript">!function(a9,a,p,s,t,A,g){if(a[a9])return;function q(c,r){a[a9]._Q.push([c,r])}a[a9]={init:function(){q("i",arguments)},fetchBids:function(){q("f",arguments)},setDisplayBids:function(){},targetingKeys:function(){return[]},_Q:[]};A=p.createElement(s);A.async=!0;A.src=t;g=p.getElementsByTagName(s)[0];g.parentNode.insertBefore(A,g)}("apstag",window,document,"script","//c.amazon-adsystem.com/aax2/apstag.js");apstag.init({pubID: '3733',adServer: 'googletag'});</script><script id="magnite-inline" data-integration="gptScripts">var pbjs = pbjs || {}; pbjs.que = pbjs.que || [];</script><script id="magnite-script" async="" src="//micro.rubiconproject.com/prebid/dynamic/13126.js"></script><script id="confiant-script" async="" src="https://cdn.confiant-integrations.net/5rJjPRoNo_MlaGcpOA6YOlm0Fmw/gpt_and_prebid/config.js"></script><script id="gpt-inline" data-integration="gptScripts">window.googletag = window.googletag || { cmd: [] };</script><script id="gpt-script" async="" src="//securepubads.g.doubleclick.net/tag/js/gpt.js"></script><script id="comscore" src="https://d6vbkv8rsyksv.cloudfront.net/prod/comscore/comscore.v7.8.0.js"></script><script id="comscoreInline" data-integration="comscoreInline"> var _comscore = _comscore || []; _comscore.push({ c1: "2", c2: "3005664", options: { enableFirstPartyCookie: true, bypassUserConsentRequirementFor1PCookie: true, }, }); (function() { var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; s.async = true; s.src = "https://sb.scorecardresearch.com/cs/3005664/beacon.js"; el.parentNode.insertBefore(s, el); })() </script><noscript id="comscore-noscript" data-integration="comscore"><img alt="comscore" src="https://sb.scorecardresearch.com/p?c1=2&c2=3005664&cv=4.4.0&cj=1"/></noscript><script id="newrelic-script" src="/pf/resources/js/newrelic.js?d=88"></script><script async="" data-integration="nativo-ad" src="https://s.ntv.io/serve/load.js"></script><script async="" data-integration="chartbeat" src="//static.chartbeat.com/js/chartbeat_video.js"></script><script async="" src="//static.chartbeat.com/js/chartbeat_mab.js"></script><script defer="" data-integration="queryly" src="https://www.queryly.com/js/queryly.v4.min.js"></script> <script>(window.BOOMR_mq=window.BOOMR_mq||[]).push(["addVar",{"rua.upush":"false","rua.cpush":"false","rua.upre":"false","rua.cpre":"false","rua.uprl":"false","rua.cprl":"false","rua.cprf":"false","rua.trans":"","rua.cook":"false","rua.ims":"false","rua.ufprl":"false","rua.cfprl":"false","rua.isuxp":"false","rua.texp":"norulematch","rua.ceh":"false","rua.ueh":"false","rua.ieh.st":"0"}]);</script> <script>!function(e){var n="https://s.go-mpulse.net/boomerang/";if("False"=="True")e.BOOMR_config=e.BOOMR_config||{},e.BOOMR_config.PageParams=e.BOOMR_config.PageParams||{},e.BOOMR_config.PageParams.pci=!0,n="https://s2.go-mpulse.net/boomerang/";if(window.BOOMR_API_key="C2TG3-67X75-LYLC6-7G5RL-VJS4C",function(){function e(){if(!o){var e=document.createElement("script");e.id="boomr-scr-as",e.src=window.BOOMR.url,e.async=!0,i.parentNode.appendChild(e),o=!0}}function t(e){o=!0;var n,t,a,r,d=document,O=window;if(window.BOOMR.snippetMethod=e?"if":"i",t=function(e,n){var t=d.createElement("script");t.id=n||"boomr-if-as",t.src=window.BOOMR.url,BOOMR_lstart=(new Date).getTime(),e=e||d.body,e.appendChild(t)},!window.addEventListener&&window.attachEvent&&navigator.userAgent.match(/MSIE [67]\./))return window.BOOMR.snippetMethod="s",void t(i.parentNode,"boomr-async");a=document.createElement("IFRAME"),a.src="about:blank",a.title="",a.role="presentation",a.loading="eager",r=(a.frameElement||a).style,r.width=0,r.height=0,r.border=0,r.display="none",i.parentNode.appendChild(a);try{O=a.contentWindow,d=O.document.open()}catch(_){n=document.domain,a.src="javascript:var d=document.open();d.domain='"+n+"';void(0);",O=a.contentWindow,d=O.document.open()}if(n)d._boomrl=function(){this.domain=n,t()},d.write("<bo"+"dy onload='document._boomrl();'>");else if(O._boomrl=function(){t()},O.addEventListener)O.addEventListener("load",O._boomrl,!1);else if(O.attachEvent)O.attachEvent("onload",O._boomrl);d.close()}function a(e){window.BOOMR_onload=e&&e.timeStamp||(new Date).getTime()}if(!window.BOOMR||!window.BOOMR.version&&!window.BOOMR.snippetExecuted){window.BOOMR=window.BOOMR||{},window.BOOMR.snippetStart=(new Date).getTime(),window.BOOMR.snippetExecuted=!0,window.BOOMR.snippetVersion=12,window.BOOMR.url=n+"C2TG3-67X75-LYLC6-7G5RL-VJS4C";var i=document.currentScript||document.getElementsByTagName("script")[0],o=!1,r=document.createElement("link");if(r.relList&&"function"==typeof r.relList.supports&&r.relList.supports("preload")&&"as"in r)window.BOOMR.snippetMethod="p",r.href=window.BOOMR.url,r.rel="preload",r.as="script",r.addEventListener("load",e),r.addEventListener("error",function(){t(!0)}),setTimeout(function(){if(!o)t(!0)},3e3),BOOMR_lstart=(new Date).getTime(),i.parentNode.appendChild(r);else t(!1);if(window.addEventListener)window.addEventListener("load",a,!1);else if(window.attachEvent)window.attachEvent("onload",a)}}(),"".length>0)if(e&&"performance"in e&&e.performance&&"function"==typeof e.performance.setResourceTimingBufferSize)e.performance.setResourceTimingBufferSize();!function(){if(BOOMR=e.BOOMR||{},BOOMR.plugins=BOOMR.plugins||{},!BOOMR.plugins.AK){var n=""=="true"?1:0,t="",a="bdpnbeqxfyijmz2qiudq-f-395076e30-clientnsv4-s.akamaihd.net",i="false"=="true"?2:1,o={"ak.v":"39","ak.cp":"1575904","ak.ai":parseInt("1010520",10),"ak.ol":"0","ak.cr":1,"ak.ipv":4,"ak.proto":"http/1.1","ak.rid":"3ed3a4a0","ak.r":36960,"ak.a2":n,"ak.m":"dscr","ak.n":"ff","ak.bpcip":"8.222.208.0","ak.cport":37958,"ak.gh":"23.46.16.146","ak.quicv":"","ak.tlsv":"tls1.2","ak.0rtt":"","ak.0rtt.ed":"","ak.csrc":"-","ak.acc":"reno","ak.t":"1733313799","ak.ak":"hOBiQwZUYzCg5VSAfCLimQ==5TcvEiOFV9z2BkWubgpFrUbyR1q2DgtQlO+odJoCNIfWIwcdHbDcTu0vEYJOSl7KtZaOYU8blqWHp2EQav/jUfqlRuXPs9TFQpK7RX26BPgmwpzE07KOB69TnueW3pgWcDt49nzUqm6jFKSnAo6zy4u7Pyq9gVhqmVe+kwkI8nwgIlqMgqRHu2U5y/8EkJ9wd+6N5/JTW6hQ/gM70T4ZJRVcdPiEaf2A8TrWtEjaoudGg0tOnUcEkROwHsts4zK7tLuVBlAiLV35MwDqi/sDZE8aXFo+dA/QdW8IVDsaW7Xj6HPlbV1M+w0IyhowaNvQr27u0XiTHb5FGPZ78y/3n76p6pLU41ZUUPzY6V2gavtTOPW6c16B9KoVeVIvpEFQ2yRtXCmT3VneV0aPOu7bnXcJ4HJaohxDELwwsQVWxro=","ak.pv":"12","ak.dpoabenc":"","ak.tf":i};if(""!==t)o["ak.ruds"]=t;var r={i:!1,av:function(n){var t="http.initiator";if(n&&(!n[t]||"spa_hard"===n[t]))o["ak.feo"]=void 0!==e.aFeoApplied?1:0,BOOMR.addVar(o)},rv:function(){var e=["ak.bpcip","ak.cport","ak.cr","ak.csrc","ak.gh","ak.ipv","ak.m","ak.n","ak.ol","ak.proto","ak.quicv","ak.tlsv","ak.0rtt","ak.0rtt.ed","ak.r","ak.acc","ak.t","ak.tf"];BOOMR.removeVar(e)}};BOOMR.plugins.AK={akVars:o,akDNSPreFetchDomain:a,init:function(){if(!r.i){var e=BOOMR.subscribe;e("before_beacon",r.av,null,null),e("onbeacon",r.rv,null,null),r.i=!0}return this},is_complete:function(){return!0}}}}()}(window);</script></head><body class="l-article"><a class="skip-main" href="#main">Skip to main content</a><div id="fusion-app" class="c-stack b-application" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="b-right-rail"><header class="c-stack b-right-rail__navigation" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><nav id="main-nav" class="b-header-nav-chain " aria-label="Sections Menu"><div class="b-header-nav-chain__top-layout"><div class="b-header-nav-chain__nav-left"><div class="nav-components--mobile" data-testid="nav-chain-nav-components-mobile-left"><button data-testid="nav-chain-nav-section-button" aria-label="Sections" class="c-button c-button--small c-button--secondary-reverse" type="button"><svg class="c-icon" width="48" height="48" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M25 96C25 78.33 39.33 64 57 64H441C458.7 64 473 78.33 473 96C473 113.7 458.7 128 441 128H57C39.33 128 25 113.7 25 96ZM25 256C25 238.3 39.33 224 57 224H441C458.7 224 473 238.3 473 256C473 273.7 458.7 288 441 288H57C39.33 288 25 273.7 25 256ZM441 448H57C39.33 448 25 433.7 25 416C25 398.3 39.33 384 57 384H441C458.7 384 473 398.3 473 416C473 433.7 458.7 448 441 448Z"></path></svg></button></div><div class="nav-components--desktop" data-testid="nav-chain-nav-components-desktop-left"><button data-testid="nav-chain-nav-section-button" aria-label="Sections" class="c-button c-button--small c-button--secondary-reverse" type="button"><span>Sections</span><svg class="c-icon" width="48" height="48" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M25 96C25 78.33 39.33 64 57 64H441C458.7 64 473 78.33 473 96C473 113.7 458.7 128 441 128H57C39.33 128 25 113.7 25 96ZM25 256C25 238.3 39.33 224 57 224H441C458.7 224 473 238.3 473 256C473 273.7 458.7 288 441 288H57C39.33 288 25 273.7 25 256ZM441 448H57C39.33 448 25 433.7 25 416C25 398.3 39.33 384 57 384H441C458.7 384 473 398.3 473 416C473 433.7 458.7 448 441 448Z"></path></svg></button></div></div><a title="BNN Bloomberg" class="c-link b-header-nav-chain__logo nav-logo-hidden svg-logo" href="/" aria-hidden="true" tabindex="-1"><img src="https://static.themebuilder.aws.arc.pub/bellmediainc/1717607291582.svg" alt="BNN Bloomberg" data-chromatic="ignore"/></a><nav aria-label="Top Links" class="c-stack b-header-nav-chain__links-list" data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="wrap"><span class="b-header-nav-chain__links-list-item"><a class="c-link" href="/investing">Investing</a></span><span class="b-header-nav-chain__links-list-item"><a class="c-link" href="/markets/tsx/">Markets</a></span><span class="b-header-nav-chain__links-list-item"><a class="c-link" href="/video">Video</a></span><span class="b-header-nav-chain__links-list-item"><a class="c-link" href="/video/shows">Shows</a></span><span class="b-header-nav-chain__links-list-item"><a class="c-link" href="/video/live">Live</a></span></nav><div class="b-header-nav-chain__nav-right"><div class="nav-components--mobile" data-testid="nav-chain-nav-components-mobile-right"><button aria-label="Search" class="c-button c-button--small c-button--secondary-reverse" type="button"><span><svg class="c-icon" width="48" height="48" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M505 442.7L405.3 343c-4.5-4.5-10.6-7-17-7H372c27.6-35.3 44-79.7 44-128C416 93.1 322.9 0 208 0S0 93.1 0 208s93.1 208 208 208c48.3 0 92.7-16.4 128-44v16.3c0 6.4 2.5 12.5 7 17l99.7 99.7c9.4 9.4 24.6 9.4 33.9 0l28.3-28.3c9.4-9.4 9.4-24.6.1-34zM208 336c-70.7 0-128-57.2-128-128 0-70.7 57.2-128 128-128 70.7 0 128 57.2 128 128 0 70.7-57.2 128-128 128z"></path></svg></span></button></div><div class="nav-components--desktop" data-testid="nav-chain-nav-components-desktop-right"><div class="b-sign-in-block__container"><div class="b-sign-in-block__dropdown-wrapper"><button class="c-button c-button--medium c-button--default b-sign-in-block" type="button"><svg class="c-icon" width="24" height="24" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 288c79.5 0 144-64.5 144-144S335.5 0 256 0 112 64.5 112 144s64.5 144 144 144zm128 32h-55.1c-22.2 10.2-46.9 16-72.9 16s-50.6-5.8-72.9-16H128C57.3 320 0 377.3 0 448v16c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48v-16c0-70.7-57.3-128-128-128z"></path></svg><span>Sign In</span></button></div></div><button aria-label="Search" class="c-button c-button--small c-button--secondary-reverse" type="button"><span><svg class="c-icon" width="48" height="48" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M505 442.7L405.3 343c-4.5-4.5-10.6-7-17-7H372c27.6-35.3 44-79.7 44-128C416 93.1 322.9 0 208 0S0 93.1 0 208s93.1 208 208 208c48.3 0 92.7-16.4 128-44v16.3c0 6.4 2.5 12.5 7 17l99.7 99.7c9.4 9.4 24.6 9.4 33.9 0l28.3-28.3c9.4-9.4 9.4-24.6.1-34zM208 336c-70.7 0-128-57.2-128-128 0-70.7 57.2-128 128-128 70.7 0 128 57.2 128 128 0 70.7-57.2 128-128 128z"></path></svg></span></button></div></div></div><div id="flyout-overlay" data-testid="nav-chain-flyout-overlay" class="c-stack b-header-nav-chain__flyout-overlay closed" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div><div class="c-stack b-header-nav-chain__flyout-nav-wrapper closed" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="b-header-nav-chain__flyout-close-button"><button aria-label="Close" class="c-button c-button--small c-button--secondary-reverse" type="button"><svg class="c-icon" width="24" height="24" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M406.6 361.4C419.1 373.9 419.1 394.15 406.6 406.65C400.4 412.9 392.2 416 384 416C375.8 416 367.62 412.875 361.38 406.625L256 301.3L150.63 406.6C144.38 412.9 136.19 416 128 416C119.81 416 111.63 412.9 105.375 406.6C92.875 394.1 92.875 373.85 105.375 361.35L210.775 255.95L105.375 150.6C92.875 138.1 92.875 117.85 105.375 105.35C117.875 92.85 138.125 92.85 150.625 105.35L256 210.8L361.4 105.4C373.9 92.9 394.15 92.9 406.65 105.4C419.15 117.9 419.15 138.15 406.65 150.65L301.25 256.05L406.6 361.4Z"></path></svg></button></div><div class="nav-menu"><div data-testid="nav-chain-nav-components-mobile" class="c-stack nav-components--mobile" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="b-sign-in-block__container"><div class="b-sign-in-block__dropdown-wrapper"><button class="c-button c-button--medium c-button--default b-sign-in-block" type="button"><svg class="c-icon" width="24" height="24" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 288c79.5 0 144-64.5 144-144S335.5 0 256 0 112 64.5 112 144s64.5 144 144 144zm128 32h-55.1c-22.2 10.2-46.9 16-72.9 16s-50.6-5.8-72.9-16H128C57.3 320 0 377.3 0 448v16c0 26.5 21.5 48 48 48h416c26.5 0 48-21.5 48-48v-16c0-70.7-57.3-128-128-128z"></path></svg><span>Sign In</span></button></div></div></div><div data-testid="nav-chain-nav-components-desktop" class="c-stack nav-components--desktop" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"></div></div><ul class="c-stack b-header-nav-chain__flyout-nav" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/markets" aria-hidden="true" tabindex="-1">Markets</a><button aria-expanded="false" aria-controls="header_sub_section_markets" aria-label="Show Markets sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_markets"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/tsx" aria-hidden="true" tabindex="-1">TSX</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/venture" aria-hidden="true" tabindex="-1">Venture</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/s-p-500" aria-hidden="true" tabindex="-1">S&P 500</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/nasdaq" aria-hidden="true" tabindex="-1">NASDAQ </a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/dow-jones" aria-hidden="true" tabindex="-1">DOW</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/currencies" aria-hidden="true" tabindex="-1">Currencies</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/oil" aria-hidden="true" tabindex="-1">Oil</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/gold" aria-hidden="true" tabindex="-1">Gold</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/markets/crypto" aria-hidden="true" tabindex="-1">Crypto</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/investing" aria-hidden="true" tabindex="-1">Investing</a><button aria-expanded="false" aria-controls="header_sub_section_investing" aria-label="Show Investing sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_investing"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/investing/commodities" aria-hidden="true" tabindex="-1">Commodities</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/investing/opinion" aria-hidden="true" tabindex="-1">Opinion</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/investing/cannabis" aria-hidden="true" tabindex="-1">Cannabis</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/investing/personal-finance" aria-hidden="true" tabindex="-1">Personal Finance</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/investing/etfs" aria-hidden="true" tabindex="-1">ETFs</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/video" aria-hidden="true" tabindex="-1">Video</a><button aria-expanded="false" aria-controls="header_sub_section_video" aria-label="Show Video sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_video"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/shows" aria-hidden="true" tabindex="-1">Shows</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/live" aria-hidden="true" tabindex="-1">Live</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/investing" aria-hidden="true" tabindex="-1">Investing</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/company-news" aria-hidden="true" tabindex="-1">Company News</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/commodities" aria-hidden="true" tabindex="-1">Commodities</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/real-estate" aria-hidden="true" tabindex="-1">Real Estate</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/international" aria-hidden="true" tabindex="-1">International</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/economics" aria-hidden="true" tabindex="-1">Economics</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/technology" aria-hidden="true" tabindex="-1">Technology</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/personal-finance" aria-hidden="true" tabindex="-1">Personal Finance</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/crypto" aria-hidden="true" tabindex="-1">Crypto</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/video/etfs" aria-hidden="true" tabindex="-1">ETFs</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><div data-testid="nav-chain-section-item-subsection" class="c-stack b-header-nav-chain__subsection-anchor subsection-anchor " data-style-direction="horizontal" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="/business" aria-hidden="true" tabindex="-1">Business</a><button aria-expanded="false" aria-controls="header_sub_section_business" aria-label="Show Business sub sections" class="c-button c-button--medium c-button--default submenu-caret" type="button"><span><svg class="c-icon" width="20" height="20" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M256 416C247.812 416 239.62 412.875 233.38 406.625L41.38 214.625C28.88 202.125 28.88 181.875 41.38 169.375C53.88 156.875 74.13 156.875 86.63 169.375L256 338.8L425.4 169.4C437.9 156.9 458.15 156.9 470.65 169.4C483.15 181.9 483.15 202.15 470.65 214.65L278.65 406.65C272.4 412.9 264.2 416 256 416Z"></path></svg></span></button></div><div class="b-header-nav-chain__subsection-container "><ul class="b-header-nav-chain__subsection-menu" id="header_sub_section_business"><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/company-news" aria-hidden="true" tabindex="-1">Company News</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/economics" aria-hidden="true" tabindex="-1">Economics</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/real-estate" aria-hidden="true" tabindex="-1">Real Estate</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/politics" aria-hidden="true" tabindex="-1">Politics</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/technology" aria-hidden="true" tabindex="-1">Technology</a></li><li class="subsection-item" data-testid="nav-chain-subsection-item"><a class="c-link" href="/business/international" aria-hidden="true" tabindex="-1">International</a></li></ul></div></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/newsletters" aria-hidden="true" tabindex="-1">Newsletters</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/podcasts" aria-hidden="true" tabindex="-1">Podcasts</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/team" aria-hidden="true" tabindex="-1">Team</a></li><li class="section-item" data-testid="nav-chain-section-item"><a class="c-link" href="/faq/2024/08/29/bnn-bloomberg-can-deliver-an-ad-free-version-of-your-interview-to-post-on-your-website/" aria-hidden="true" tabindex="-1">CorpVOD</a></li><li class="section-menu--bottom-placeholder"></li></ul></div></div></div></nav><div class="c-stack b-ads-custom b-ads-custom--slimCut " data-style-direction="vertical" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><div class="b-ads-custom__wrapper"><div style="max-width:30px"><div id="bellmedia-ad-f0fG1iPLAjvr9V"></div></div></div></div><div class="c-stack b-ads-custom b-ads-custom--oop_new " data-style-direction="vertical" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><div class="b-ads-custom__wrapper"><div style="max-width:1px"><div id="bellmedia-ad-f0fBcyJHrlUz1cy"></div></div></div></div><div id="fusion-static-enter:html-block-f0fvAZDX3fjG4pA" style="display:none" data-fusion-component="html-block-f0fvAZDX3fjG4pA"></div><div> <style> .c-stack.b-ads-custom.b-ads-custom--fluid .b-ads-custom__wrapper iframe{ width: 100%; } </style></div><div id="fusion-static-exit:html-block-f0fvAZDX3fjG4pA" style="display:none" data-fusion-component="html-block-f0fvAZDX3fjG4pA"></div></header><section role="main" tabindex="-1" class="b-right-rail__main"><div class="c-stack b-right-rail__full-width-1" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="c-stack b-ads-custom b-ads-custom--leaderboard_large b-ads-custom--background-colour " data-style-direction="vertical" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><div class="b-ads-custom__wrapper"><p class="c-paragraph b-ads-custom__label--left">ADVERTISEMENT</p><div style="max-width:970px;min-height:90px"><div id="bellmedia-ad-f0fwdclX2ePsm9"></div></div></div></div><div class="c-stack b-share-bar" data-style-direction="vertical" data-style-justification="center" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><button aria-label="Share current article via Email" class="c-button c-button--medium c-button--default" type="button"><span><svg class="c-icon b-share-bar__email" width="22" height="22" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M502.3 190.8c3.9-3.1 9.7-.2 9.7 4.7V400c0 26.5-21.5 48-48 48H48c-26.5 0-48-21.5-48-48V195.6c0-5 5.7-7.8 9.7-4.7 22.4 17.4 52.1 39.5 154.1 113.6 21.1 15.4 56.7 47.8 92.2 47.6 35.7.3 72-32.8 92.3-47.6 102-74.1 131.6-96.3 154-113.7zM256 320c23.2.4 56.6-29.2 73.4-41.4 132.7-96.3 142.8-104.7 173.4-128.7 5.8-4.5 9.2-11.5 9.2-18.9v-19c0-26.5-21.5-48-48-48H48C21.5 64 0 85.5 0 112v19c0 7.4 3.4 14.3 9.2 18.9 30.6 23.9 40.7 32.4 173.4 128.7 16.8 12.2 50.2 41.8 73.4 41.4z"></path></svg></span></button><button aria-label="Share current article via X" class="c-button c-button--medium c-button--default" type="button"><span><svg class="c-icon b-share-bar__twitter" width="22" height="22" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"></path></svg></span></button><button aria-label="Share current article via Reddit" class="c-button c-button--medium c-button--default" type="button"><span><svg class="c-icon b-share-bar__reddit" width="22" height="22" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M440.3 203.5c-15 0-28.2 6.2-37.9 15.9-35.7-24.7-83.8-40.6-137.1-42.3L293 52.3l88.2 19.8c0 21.6 17.6 39.2 39.2 39.2 22 0 39.7-18.1 39.7-39.7s-17.6-39.7-39.7-39.7c-15.4 0-28.7 9.3-35.3 22l-97.4-21.6c-4.9-1.3-9.7 2.2-11 7.1L246.3 177c-52.9 2.2-100.5 18.1-136.3 42.8-9.7-10.1-23.4-16.3-38.4-16.3-55.6 0-73.8 74.6-22.9 100.1-1.8 7.9-2.6 16.3-2.6 24.7 0 83.8 94.4 151.7 210.3 151.7 116.4 0 210.8-67.9 210.8-151.7 0-8.4-.9-17.2-3.1-25.1 49.9-25.6 31.5-99.7-23.8-99.7zM129.4 308.9c0-22 17.6-39.7 39.7-39.7 21.6 0 39.2 17.6 39.2 39.7 0 21.6-17.6 39.2-39.2 39.2-22 .1-39.7-17.6-39.7-39.2zm214.3 93.5c-36.4 36.4-139.1 36.4-175.5 0-4-3.5-4-9.7 0-13.7 3.5-3.5 9.7-3.5 13.2 0 27.8 28.5 120 29 149 0 3.5-3.5 9.7-3.5 13.2 0 4.1 4 4.1 10.2.1 13.7zm-.8-54.2c-21.6 0-39.2-17.6-39.2-39.2 0-22 17.6-39.7 39.2-39.7 22 0 39.7 17.6 39.7 39.7-.1 21.5-17.7 39.2-39.7 39.2z"></path></svg></span></button><button aria-label="Share current article via LinkedIn" class="c-button c-button--medium c-button--default" type="button"><span><svg class="c-icon b-share-bar__linkedin" width="22" height="22" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M100.28 448H7.4V148.9h92.88zM53.79 108.1C24.09 108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z"></path></svg></span></button></div></div><div class="c-grid b-right-rail__rail-container"><div class="c-stack b-right-rail__main-interior-item" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><a class="c-overline b-overline" href="/investing/">Investing</a><h1 class="b-headline">Establishment’s Takeover of Bitcoin Creates a New List of Risks</h1><div class="c-attribution b-byline"><span class="b-byline__by">By</span> <span class="b-byline__names">Olga Kharif and Isabelle Lee</span></div><time as="time" class="c-date b-date" dateTime="2024-12-01T15:00:00Z">December 01, 2024 at 10:00AM EST</time><div class="b-lead-art-custom"><figure class="c-media-item b-lead-art-custom__expand-button"><div class="b-lead-art-custom__image-wrapper"><img data-chromatic="ignore" alt="" class="c-image" loading="eager" src="https://www.bnnbloomberg.ca/resizer/v2/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg?smart=true&auth=90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9&width=1296&height=729" srcSet="https://www.bnnbloomberg.ca/resizer/v2/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg?smart=true&auth=90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9&width=800&height=450 800w, https://www.bnnbloomberg.ca/resizer/v2/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg?smart=true&auth=90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9&width=1600&height=900 1600w" width="1296" height="729"/></div><figcaption class="c-media-item__fig-caption"><span class="c-media-item__credit">(Bloomberg) </span></figcaption></figure></div><article class="b-article-body"><p class="c-paragraph">(Bloomberg) -- Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto.</p><p class="c-paragraph">Another buyer of equal size potentially may arrive on the scene, as a Senate ally of Donald Trump’s pushes to pass a bill that would require the Federal Reserve to sell some of its gold in order to fund the purchase of 1 million Bitcoin for a US government stockpile. In the corporate world, Michael Saylor’s software company MicroStrategy is sitting on about $38 billion worth of the tokens and has been tapping capital markets to buy more. </p><p class="c-paragraph">All of these developments were unthinkable in Bitcoin’s early days not so long ago, when each token traded for pennies and the only people interested in it were young Libertarian techies seeking to create a subversive financial system immune to the influence of the government, Wall Street intermediaries and other big corporations. Oh, how times have changed. Now these same establishment institutions are taking over larger and larger swathes of the available Bitcoin. </p><p class="c-paragraph">And the potential creation of a US national stockpile of the cryptocurrency could trigger more governments to buy up Bitcoin, said Mark Connors, founder and chief investment strategist at Risk Dimensions. It all adds up to what’s known as concentration risk. </p><p class="c-paragraph">“Will this be a risk of being concentrated by existing G-10, G-20 countries or institutions like BlackRock?” Connors said. “This is a concern, especially for the purists.” </p><p class="c-paragraph"> </p><p class="c-paragraph">Yet you won’t hear much complaining, even among the purists. One reason is simply that the overwhelming demand keeps sending the price higher and higher — at least for now — and hope is rampant that it continues to do so. </p><p class="c-paragraph">Another reason is that, unlike the ownership of a company’s stock, the underlying programming of the Bitcoin blockchain prohibits even the biggest holders from exerting any control over the way it operates.</p><p class="c-paragraph">“The Bitcoin OGs no longer have control of the global crypto markets, even if they have made the highest profits,” said longtime crypto investor Michael Terpin. “Ownership of large amounts of Bitcoin is different from control of Bitcoin. Governments own a large portion of the world’s gold, but they don’t have control over its price or utility. The same will eventually be the case with Bitcoin.”</p><p class="c-paragraph">Still, with concentrated ownership of the cryptocurrency come risks for everyone involved with Bitcoin. Many of the Bitcoin ETFs’ individual owners aren’t so-called hodlers — determined not to sell Bitcoin through thick and thin. They may, instead, flee the market if and when the coin’s price crashes, and that could potentially exacerbate Bitcoin’s already highly volatile moves. </p><p class="c-paragraph">The other potential new whale in the market is the US government itself, which is swinging from being one of the crypto industry’s biggest antagonists to one of its biggest cheerleaders as Trump prepares to return to the White House. </p><p class="c-paragraph">Bitcoin and gold</p><p class="c-paragraph">A one-time crypto skeptic turned vocal promoter, Trump has promised to create a government stockpile, and it’s expected to be based on the more-than 200,000 Bitcoin that the government already holds following asset seizures. He has yet to endorse Wyoming Senator Cynthia Lummis’s bill to sell Fed gold certificates to buy 1 million Bitcoin to add to that stockpile, leaving many market observers on the edge of their seats for any hint that he will.</p><p class="c-paragraph">The tantalizing prospect of a US strategic Bitcoin reserve is already creating risk for investors chasing the token’s price higher and higher, as forecasts for it to reach $500,000 or even $1 million become more common. </p><p class="c-paragraph">On paper, the Fed has plenty of gold — about $690 billion worth at current market prices — to sell to purchase a proposed quantity of Bitcoin currently valued at almost $100 billion. Yet the numbers are bound to change dramatically should the Lummis bill start gaining support from Trump and Congress: Expected large sales of gold by the government would likely cause the precious metal’s price to drop, while telegraphed plans to buy large amounts of Bitcoin would likely cause its price to surge. </p><p class="c-paragraph">However, there is no guarantee that Trump will succeed in creating the stockpile, let alone that there’s enough support in Congress to pass a bill to sell a precious metal that’s been an accepted store of wealth for millennia in order to buy a 15-year-old form of Internet money famous for its boom-and-bust price swings and reputation as the currency of choice for scam artists. Trading on the crypto-based predictions platform Polymarket implies only about a 28% chance a Bitcoin reserve is created in Trump’s first 100 days. </p><p class="c-paragraph">And should the reserve actually be created and further purchases funded, the risks may only grow in the longer term. </p><p class="c-paragraph">“Sure, the price would surge,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter. “But the market would become more vulnerable to a change of administration, for instance. Or even a change of mind from the current one could lead to a flood of selling pressure on the market and a crash that could destroy value for holders around the world, many of whom are counting on BTC to protect them from long-term currency debasement.” </p><p class="c-paragraph">For now, however, as the market waits for Trump and a new Congress to arrive, there’s a honeymoon period in which it’s hard to find many investors who are bearish on Bitcoin in the short term. After all, it’s an asset whose price has risen from 5 cents in 2010 to almost $100,000 today, and the ETFs have reduced much of the perceived risk of being exposed to a crypto-native startup like FTX, which blew up in 2022 and spread contagion throughout the crypto industry.</p><p class="c-paragraph">Matt Hougan, chief investment officer at Bitcoin ETF issuer Bitwise, said in an interview that starting in early October, 40% of the meetings he had with registered investment advisers and institutions resulted in allocations, up from 10% previously. </p><p class="c-paragraph">He’s not the only one seeing such interest. </p><p class="c-paragraph">“My phone is ringing nonstop,” Matthew Sigel, head of digital-asset research at Bitcoin ETF issuer VanEck, said in an interview. “RIAs in particular seem motivated to get off 0%” crypto asset allocation.</p><p class="c-paragraph">As the demand grows and the wallets of the market’s institutional whales grow bigger, there just aren’t enough sellers to keep a lid on prices, especially when it comes to those OG Bitcoiners who are reluctant to ever sell. Then there is a certain unknown percentage of Bitcoin that will never change hands due to forgotten passwords or lost hard drives containing keys to Bitcoin wallets. When it comes to Satoshi himself — whose wallet is believed to hold 1.1 million Bitcoin — there is widespread speculation that he or she has passed away, leaving those tokens frozen forever. </p><p class="c-paragraph">Supply and demand</p><p class="c-paragraph">According to Glassnode, 65% of the Bitcoin outstanding hadn’t moved in more than a year as of mid-October.</p><p class="c-paragraph">Meanwhile, the supply of new Bitcoin keeps on shrinking, a key part of the blockchain’s design that’s meant to prevent it from succumbing to the type of inflation which strikes nations that run their money printers too hot. An annual increase in supply of about 164,250 Bitcoin, which is paid to the computerized operations known as miners that secure the network, is expected to only meet half the demand coming just from MicroStrategy and the proposed US government stockpile under the Lummis bill, if it happens, calculates Edward Chin, co-founder of Parataxis Capital.</p><p class="c-paragraph">“If you add buyers coming through the ETFs, which have already purchased a lot of BTC year-to-date, the demand figure moves higher,” Chin said. “Add to that other sovereign wealth funds, other non-US retail and other non-US institutional investors, there just won’t be enough BTC to satisfy demand unless price moves up meaningfully higher to compel existing holders to sell.” </p><p class="c-paragraph">As a result, the risks stemming from Bitcoin’s new concentrated ownership cohort is two-sided: Many of the eye-popping price forecasts for the original cryptocurrency, which once sounded like the pipe dreams of crypto fanatics, don’t seem as far-fetched as they once did.</p><p class="c-paragraph">Chin expects Bitcoin to climb to at least $500,000, depending on US government’s exact actions. But “we are likely closer to a $1 million BTC price in today’s dollars given BTC would effectively become part of the global monetary base the way gold is today,” he said.</p><p class="c-paragraph b-article-body__copyright">©2024 Bloomberg L.P.</p></article><div style="display:none" id="f0fJpfJDj5iVEG" data-fusion-collection="features" data-fusion-type="standard-list-custom-block/default" data-fusion-message="Could not render component [features:standard-list-custom-block/default]"></div><div style="display:none" id="f0fWfHNSBdR61Gp" data-fusion-collection="features" data-fusion-type="standard-list-custom-block/default" data-fusion-message="Could not render component [features:standard-list-custom-block/default]"></div></div><aside class="c-stack b-right-rail__main-right-rail" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="c-stack b-single-chain" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><div class="c-stack b-single-chain__children-stack" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"></div></div><div class="c-stack b-ads-custom b-ads-custom--fluid b-ads-custom__wrapper-sticky" data-style-direction="vertical" data-style-justification="start" data-style-alignment="center" data-style-inline="false" data-style-wrap="nowrap"><div class="b-ads-custom__wrapper"><p class="c-paragraph b-ads-custom__label--left">ADVERTISEMENT</p><div style="max-width:300px;min-height:250px"><div id="bellmedia-ad-f0fT3VoHLUo31AQ"></div></div></div></div></aside></div></section><footer class="c-stack b-right-rail__footer" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><nav aria-label="More Links" class="c-stack b-links-bar" data-style-direction="horizontal" data-style-justification="center" data-style-alignment="unset" data-style-inline="false" data-style-wrap="wrap"><a class="c-link" href="/newsletters">Newsletters</a><span class="c-separator"></span><a class="c-link" href="/faq">FAQ</a><span class="c-separator"></span><a class="c-link" href="/channel-guide">Channel Guide</a><span class="c-separator"></span><a class="c-link" href="/team">Team</a></nav><hr class="c-divider"/><div class="c-stack b-footer" data-style-direction="vertical" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><section class="b-footer__top-container"><div class="b-footer__social-links-container"><div class="c-stack b-footer__social-links" data-style-direction="horizontal" data-style-justification="start" data-style-alignment="unset" data-style-inline="false" data-style-wrap="nowrap"><a class="c-link" href="https://twitter.com/BNNBloomberg" rel="noreferrer" target="_blank"><svg class="c-icon" width="48" height="48" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512" fill="currentColor" aria-hidden="true" focusable="false"><path d="M389.2 48h70.6L305.6 224.2 487 464H345L233.7 318.6 106.5 464H35.8L200.7 275.5 26.8 48H172.4L272.9 180.9 389.2 48zM364.4 421.8h39.1L151.1 88h-42L364.4 421.8z"></path></svg><span class="visually-hidden">Twitter feed</span></a></div></div><p class="c-paragraph"> ©2024 BellMedia All Rights Reserved</p></section><div class="c-grid b-footer__links"><div class="b-footer__links-group"><h2 class="c-heading">Accessibility & Feedback</h2><ul class="b-footer__links-group-list"><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.bce.ca/Accessibility_services?brand=BNN%20Bloomberg" rel="noreferrer" target="_blank">BCE Accessibility<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="/contact-us">Contact Us</a></li></ul></div><div class="b-footer__links-group"><h2 class="c-heading">About Bell Media</h2><ul class="b-footer__links-group-list"><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.bell.ca/Security_and_privacy/Commitment_to_privacy" rel="noreferrer" target="_blank">Bell Privacy Policy<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.bellmedia.ca/advertising-sales/political-ads-registry/" rel="noreferrer" target="_blank">Political Ads Registry<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.bellmedia.ca/bell-media-website-terms-conditions/" rel="noreferrer" target="_blank">Terms & Conditions<span class="visually-hidden">Opens in new window</span></a></li></ul></div><div class="b-footer__links-group"><h2 class="c-heading">Other Brands</h2><ul class="b-footer__links-group-list"><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.ctvnews.ca/" rel="noreferrer" target="_blank">CTVNews.ca<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.cp24.com/" rel="noreferrer" target="_blank">CP24.com<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.tsn.ca/" rel="noreferrer" target="_blank">TSN.ca<span class="visually-hidden">Opens in new window</span></a></li></ul></div><div class="b-footer__links-group"><h2 class="c-heading">Autres Marques</h2><ul class="b-footer__links-group-list"><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.noovo.info/" rel="noreferrer" target="_blank">Noovo.info<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.noovomoi.ca/" rel="noreferrer" target="_blank">Noovomoi.ca<span class="visually-hidden">Opens in new window</span></a></li><li class="b-footer__links-group-list-item"><a class="c-link" href="https://www.rds.ca/" rel="noreferrer" target="_blank">RDS.ca<span class="visually-hidden">Opens in new window</span></a></li></ul></div></div><figure class="c-media-item"><img alt="BNN Bloomberg" class="c-image b-footer__logo" src="https://static.themebuilder.aws.arc.pub/bellmediainc/1717607291582.svg" height="64"/></figure><div></div></div></footer></div></div><script id="fusion-metadata" type="application/javascript">window.Fusion=window.Fusion||{};Fusion.arcSite="bnn-bloomberg";Fusion.contextPath="/pf";Fusion.deployment="88";Fusion.globalContent={"_id":"YR25RSJULN37RC2URKKMLNXGA4","additional_properties":{"canonicalUrl":"https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks","has_published_copy":true},"canonical_website":"bnn-bloomberg","content_elements":[{"_id":"5TTEQM3FDNFADKX27IASBQBXDM","content":"(Bloomberg) -- Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto.","type":"text"},{"_id":"IGB5XGDTEJGUTHLIC6KANVNZYA","content":"Another buyer of equal size potentially may arrive on the scene, as a Senate ally of Donald Trump’s pushes to pass a bill that would require the Federal Reserve to sell some of its gold in order to fund the purchase of 1 million Bitcoin for a US government stockpile. In the corporate world, Michael Saylor’s software company MicroStrategy is sitting on about $38 billion worth of the tokens and has been tapping capital markets to buy more. ","type":"text"},{"_id":"XBK4GS5XPJFRZJOB4AGI2KM5OE","content":"All of these developments were unthinkable in Bitcoin’s early days not so long ago, when each token traded for pennies and the only people interested in it were young Libertarian techies seeking to create a subversive financial system immune to the influence of the government, Wall Street intermediaries and other big corporations. Oh, how times have changed. Now these same establishment institutions are taking over larger and larger swathes of the available Bitcoin. ","type":"text"},{"_id":"H7F7WCGXL5APLEQQX6NDS3RFWU","content":"And the potential creation of a US national stockpile of the cryptocurrency could trigger more governments to buy up Bitcoin, said Mark Connors, founder and chief investment strategist at Risk Dimensions. It all adds up to what’s known as concentration risk. ","type":"text"},{"_id":"SWTO5KNWIFASLMTQ4KZTLNEWNU","content":"“Will this be a risk of being concentrated by existing G-10, G-20 countries or institutions like BlackRock?” Connors said. “This is a concern, especially for the purists.” ","type":"text"},{"_id":"EFUF3E7HBFCYXBOML7Z3JGVMK4","content":" ","type":"text"},{"_id":"CORRLSAN7NFE3BO7P4UPJJTHQU","content":"Yet you won’t hear much complaining, even among the purists. One reason is simply that the overwhelming demand keeps sending the price higher and higher — at least for now — and hope is rampant that it continues to do so. ","type":"text"},{"_id":"FQPLIP3IRFCUDAKAID5YRD4HWY","content":"Another reason is that, unlike the ownership of a company’s stock, the underlying programming of the Bitcoin blockchain prohibits even the biggest holders from exerting any control over the way it operates.","type":"text"},{"_id":"CMLZWIQWRZEJRBVTZZ3YJIO5TI","content":"“The Bitcoin OGs no longer have control of the global crypto markets, even if they have made the highest profits,” said longtime crypto investor Michael Terpin. “Ownership of large amounts of Bitcoin is different from control of Bitcoin. Governments own a large portion of the world’s gold, but they don’t have control over its price or utility. The same will eventually be the case with Bitcoin.”","type":"text"},{"_id":"IFBOZCAWHJDE5BECAS42RT7WOQ","content":"Still, with concentrated ownership of the cryptocurrency come risks for everyone involved with Bitcoin. Many of the Bitcoin ETFs’ individual owners aren’t so-called hodlers — determined not to sell Bitcoin through thick and thin. They may, instead, flee the market if and when the coin’s price crashes, and that could potentially exacerbate Bitcoin’s already highly volatile moves. ","type":"text"},{"_id":"OGDDBST3SVHHVLRS3QAJ4JUDWE","content":"The other potential new whale in the market is the US government itself, which is swinging from being one of the crypto industry’s biggest antagonists to one of its biggest cheerleaders as Trump prepares to return to the White House. ","type":"text"},{"_id":"RQXNPVADTFFUXEZ5GXH3TJKMYQ","content":"Bitcoin and gold","type":"text"},{"_id":"DBHUG6ISGFHRHBG5NS66CRRZTU","content":"A one-time crypto skeptic turned vocal promoter, Trump has promised to create a government stockpile, and it’s expected to be based on the more-than 200,000 Bitcoin that the government already holds following asset seizures. He has yet to endorse Wyoming Senator Cynthia Lummis’s bill to sell Fed gold certificates to buy 1 million Bitcoin to add to that stockpile, leaving many market observers on the edge of their seats for any hint that he will.","type":"text"},{"_id":"FTGD52KIKFBD5HPVB2JNKQEPKQ","content":"The tantalizing prospect of a US strategic Bitcoin reserve is already creating risk for investors chasing the token’s price higher and higher, as forecasts for it to reach $500,000 or even $1 million become more common. ","type":"text"},{"_id":"73IS4JNNVRBDJAIKY5PH3AKN4Q","content":"On paper, the Fed has plenty of gold — about $690 billion worth at current market prices — to sell to purchase a proposed quantity of Bitcoin currently valued at almost $100 billion. Yet the numbers are bound to change dramatically should the Lummis bill start gaining support from Trump and Congress: Expected large sales of gold by the government would likely cause the precious metal’s price to drop, while telegraphed plans to buy large amounts of Bitcoin would likely cause its price to surge. ","type":"text"},{"_id":"M5HWOZE4YFFANIK2PZDWXG5LLI","content":"However, there is no guarantee that Trump will succeed in creating the stockpile, let alone that there’s enough support in Congress to pass a bill to sell a precious metal that’s been an accepted store of wealth for millennia in order to buy a 15-year-old form of Internet money famous for its boom-and-bust price swings and reputation as the currency of choice for scam artists. Trading on the crypto-based predictions platform Polymarket implies only about a 28% chance a Bitcoin reserve is created in Trump’s first 100 days. ","type":"text"},{"_id":"OE3ZORCSM5FQDHDD44PN3L2JKY","content":"And should the reserve actually be created and further purchases funded, the risks may only grow in the longer term. ","type":"text"},{"_id":"IOM5AJTRZZFDTAIACXE6LO2AYE","content":"“Sure, the price would surge,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter. “But the market would become more vulnerable to a change of administration, for instance. Or even a change of mind from the current one could lead to a flood of selling pressure on the market and a crash that could destroy value for holders around the world, many of whom are counting on BTC to protect them from long-term currency debasement.” ","type":"text"},{"_id":"BJADWP6XJBCP5FJL2XQNEQEG2I","content":"For now, however, as the market waits for Trump and a new Congress to arrive, there’s a honeymoon period in which it’s hard to find many investors who are bearish on Bitcoin in the short term. After all, it’s an asset whose price has risen from 5 cents in 2010 to almost $100,000 today, and the ETFs have reduced much of the perceived risk of being exposed to a crypto-native startup like FTX, which blew up in 2022 and spread contagion throughout the crypto industry.","type":"text"},{"_id":"IUBZXKNZDJHITBBPVK74IZ2TR4","content":"Matt Hougan, chief investment officer at Bitcoin ETF issuer Bitwise, said in an interview that starting in early October, 40% of the meetings he had with registered investment advisers and institutions resulted in allocations, up from 10% previously. ","type":"text"},{"_id":"YP2ROTOTQJF75DC47Z23HBAMMU","content":"He’s not the only one seeing such interest. ","type":"text"},{"_id":"WU3JS4INZJBZPIS6OBMFR3BJUY","content":"“My phone is ringing nonstop,” Matthew Sigel, head of digital-asset research at Bitcoin ETF issuer VanEck, said in an interview. “RIAs in particular seem motivated to get off 0%” crypto asset allocation.","type":"text"},{"_id":"DE3DOK4UERBTJG3D46HBCMQSCQ","content":"As the demand grows and the wallets of the market’s institutional whales grow bigger, there just aren’t enough sellers to keep a lid on prices, especially when it comes to those OG Bitcoiners who are reluctant to ever sell. Then there is a certain unknown percentage of Bitcoin that will never change hands due to forgotten passwords or lost hard drives containing keys to Bitcoin wallets. When it comes to Satoshi himself — whose wallet is believed to hold 1.1 million Bitcoin — there is widespread speculation that he or she has passed away, leaving those tokens frozen forever. ","type":"text"},{"_id":"F3YC6DOCVZGGFKZLYXDLXQUFPA","content":"Supply and demand","type":"text"},{"_id":"ZDBTSUIRT5AH7JZOOKBVDIXOZY","content":"According to Glassnode, 65% of the Bitcoin outstanding hadn’t moved in more than a year as of mid-October.","type":"text"},{"_id":"3ZUHUDSBKVCX5CO5PDMTMC7WLQ","content":"Meanwhile, the supply of new Bitcoin keeps on shrinking, a key part of the blockchain’s design that’s meant to prevent it from succumbing to the type of inflation which strikes nations that run their money printers too hot. An annual increase in supply of about 164,250 Bitcoin, which is paid to the computerized operations known as miners that secure the network, is expected to only meet half the demand coming just from MicroStrategy and the proposed US government stockpile under the Lummis bill, if it happens, calculates Edward Chin, co-founder of Parataxis Capital.","type":"text"},{"_id":"MK5FEHFYFRDSPDYH5WUSUPTTKE","content":"“If you add buyers coming through the ETFs, which have already purchased a lot of BTC year-to-date, the demand figure moves higher,” Chin said. “Add to that other sovereign wealth funds, other non-US retail and other non-US institutional investors, there just won’t be enough BTC to satisfy demand unless price moves up meaningfully higher to compel existing holders to sell.” ","type":"text"},{"_id":"3QC5OOXYOZDYBC4MZ54LYSJLQM","content":"As a result, the risks stemming from Bitcoin’s new concentrated ownership cohort is two-sided: Many of the eye-popping price forecasts for the original cryptocurrency, which once sounded like the pipe dreams of crypto fanatics, don’t seem as far-fetched as they once did.","type":"text"},{"_id":"UEI54BLWKVGQPEE6BNAOCQ2HAE","content":"Chin expects Bitcoin to climb to at least $500,000, depending on US government’s exact actions. But “we are likely closer to a $1 million BTC price in today’s dollars given BTC would effectively become part of the global monetary base the way gold is today,” he said.","type":"text"}],"copyright":"©2024 Bloomberg L.P.","created_date":"2024-12-01T15:23:53.183Z","credits":{"by":[{"name":"Olga Kharif","type":"author"},{"name":"Isabelle Lee","type":"author"}]},"description":{"basic":"Bitcoin exchange-traded funds have been such a smashing success in the US that they now hold more than 1 million of the tokens, or about 5% of what currently exists. That’s in the same ballpark as the amounts that have long been frozen in the wallet of the market’s original whale: The cryptocurrency’s anonymous and enigmatic creator known as Satoshi Nakamoto."},"display_date":"2024-12-01T15:00:00Z","distributor":{"name":"Bloomberg","category":"wires","subcategory":"","reference_id":"5389ae4f-3615-4ac5-9518-cb84cbb55d23","mode":"reference_denormalized"},"first_publish_date":"2024-12-01T15:00:00Z","headlines":{"basic":"Establishment’s Takeover of Bitcoin Creates a New List of Risks","meta_title":"Establishment’s Takeover of Bitcoin Creates a New List of Risks"},"language":"en","last_updated_date":"2024-12-02T09:29:42.798Z","owner":{"id":"bellmediainc","sponsored":false},"promo_items":{"basic":{"_id":"QZ3CENZ2XDMMBPIUYQRDBTON6Y","additional_properties":{"fullSizeResizeUrl":"/resizer/BOc8wW6_uvmsFbAuGq0gvK6FR_Y=/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","galleries":[],"keywords":["data-keywords:","data-keywords: us bitcoin etf weekly flows","light-theme: business","origin: toaster","package: series-charts","platform: toaster","theme: terminal","type: bar"],"mime_type":"image/png","originalName":"-1x-1.png","originalUrl":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","proxyUrl":"/resizer/BOc8wW6_uvmsFbAuGq0gvK6FR_Y=/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","published":true,"resizeUrl":"/resizer/BOc8wW6_uvmsFbAuGq0gvK6FR_Y=/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","restricted":false,"takenOn":"2024-11-29T17:39:36Z","thumbnailResizeUrl":"/resizer/PFfL9sY-qnaUsiygC3_t4Imz6_w=/300x0/arc-photo-bellmediainc/arc2-prod/public/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","version":0},"address":{},"auth":{"1":"90776f15088ab95cdd3b8dd277b95af48c183cb0d8799c1dea7d4db67b06daf9"},"created_date":"2024-12-01T15:23:53Z","credits":{"affiliation":[{"name":"Bloomberg","type":"author"}]},"distributor":{"mode":"reference","reference_id":"5389ae4f-3615-4ac5-9518-cb84cbb55d23"},"height":798,"last_updated_date":"2024-12-01T15:23:53Z","licensable":false,"owner":{"id":"bellmediainc"},"slug":"Bitcoin ETF Demand Remains Consistent","source":{"name":"Bloomberg","source_id":"https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i1hWFU.awKZQ/v0/piFq5T3pJF0qzS8rF9LjsWaQ/-1x-1.png","source_type":"wires","additional_properties":{"editor":"photo center"},"system":"bnn-bloomberg"},"subtitle":"Bitcoin ETF Demand Remains Consistent | Products continue to see sustained inflows since January launch","taxonomy":{},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/QZ3CENZ2XDMMBPIUYQRDBTON6Y.jpg","version":"0.10.9","width":1296}},"publish_date":"2024-12-01T15:00:00Z","revision":{"branch":"default","editions":["default"],"parent_id":"JBGUMYMJYFF3VFQGV7FJVMRERY","published":true,"revision_id":"ROIJJR6U2ZEZNAG4QV3FHS2HZA"},"source":{"source_id":"SMWS9ZT1UM0W00","system":"Bloomberg Feed"},"taxonomy":{"primary_section":{"_id":"/investing","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Investing","description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","path":"/investing","parent_id":"/","parent":{"default":"/"},"additional_properties":{"original":{"_id":"/investing","_website":"bnn-bloomberg","name":"Investing","inactive":false,"ancestors":{"default":["/"],"main-nav-desktop":["/"],"main-nav-mobile":["/"],"full-nav":["/"]},"parent":{"default":"/","main-nav-desktop":"/","main-nav-mobile":"/","full-nav":"/"},"order":{"default":1027,"main-nav-desktop":1001,"main-nav-mobile":1002,"full-nav":1002},"_admin":{"alias_ids":["/investing"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"navigation":{"nav_title":"Investing"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Investing Insights, Market Trends News and Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}}},"sections":[{"_id":"/investing","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Investing","description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","path":"/investing","parent_id":"/","parent":{"default":"/"},"additional_properties":{"original":{"_id":"/investing","_website":"bnn-bloomberg","name":"Investing","inactive":false,"ancestors":{"default":["/"],"main-nav-desktop":["/"],"main-nav-mobile":["/"],"full-nav":["/"]},"parent":{"default":"/","main-nav-desktop":"/","main-nav-mobile":"/","full-nav":"/"},"order":{"default":1027,"main-nav-desktop":1001,"main-nav-mobile":1002,"full-nav":1002},"_admin":{"alias_ids":["/investing"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"navigation":{"nav_title":"Investing"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Investing Insights, Market Trends News and Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./investing"},{"_id":"/business/company-news","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Company News","description":"Dive into the latest news on top Canadian and global companies like Apple, Nvidia, RBC, Tesla and Shopify. Get in-depth analysis and insights on the biggest market movers.","path":"/business/company-news","parent_id":"/business","parent":{"default":"/business"},"additional_properties":{"original":{"_id":"/business/company-news","_website":"bnn-bloomberg","name":"Company News","inactive":false,"ancestors":{"default":["/business"],"main-nav-mobile":["/"],"full-nav":["/business","/"]},"parent":{"default":"/business","main-nav-mobile":"/","full-nav":"/business"},"order":{"main-nav-mobile":1009,"full-nav":2001},"_admin":{"alias_ids":["/business/company-news"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"Company News"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Dive into the latest news on top Canadian and global companies like Apple, Nvidia, RBC, Tesla and Shopify. Get in-depth analysis and insights on the biggest market movers.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Business News on Canadian and Global Companies – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./business/company-news"},{"_id":"/business/technology","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Technology","description":"Stay up to date with the latest business news on technology, including artificial intelligence, Big Tech, semiconductors and crytocurrencies, on BNN Bloomberg.","path":"/business/technology","parent_id":"/business","parent":{"default":"/business"},"additional_properties":{"original":{"_id":"/business/technology","_website":"bnn-bloomberg","name":"Technology","inactive":false,"ancestors":{"default":["/business"],"full-nav":["/business","/"],"main-nav-mobile":["/"]},"parent":{"default":"/business","full-nav":"/business","main-nav-mobile":"/"},"order":{"full-nav":2005,"main-nav-mobile":1013},"_admin":{"alias_ids":["/business/technology"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"Technology"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Stay up to date with the latest business news on technology, including artificial intelligence, Big Tech, semiconductors and crytocurrencies, on BNN Bloomberg.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Business and Financial News on Technology – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./business/technology"},{"_id":"/investing/etfs","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"ETFs","description":"Get in-depth news on Exchange-Traded Funds (ETFs), investing and market analysis on BNN Bloomberg, Canada's definitive source for business news.","path":"/investing/etfs","parent_id":"/investing","parent":{"default":"/investing"},"additional_properties":{"original":{"_id":"/investing/etfs","_website":"bnn-bloomberg","name":"ETFs","inactive":false,"ancestors":{"default":["/investing"],"main-nav-mobile":["/"],"full-nav":["/investing","/"]},"parent":{"default":"/investing","main-nav-mobile":"/","full-nav":"/investing"},"order":{"main-nav-mobile":1007,"full-nav":2005},"_admin":{"alias_ids":["/investing/etfs"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"ETFs"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Get in-depth news on Exchange-Traded Funds (ETFs), investing and market analysis on BNN Bloomberg, Canada's definitive source for business news.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"ETFs, Investing Insights & Market Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./investing/etfs"},{"_id":"/business/politics","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Politics","description":"Find the latest news and analysis on Canadian and global politics on BNN Bloomberg, including federal and provincial government policies.","path":"/business/politics","parent_id":"/business","parent":{"default":"/business"},"additional_properties":{"original":{"_id":"/business/politics","_website":"bnn-bloomberg","name":"Politics","inactive":false,"ancestors":{"default":["/business"],"full-nav":["/business","/"],"main-nav-mobile":["/"]},"parent":{"default":"/business","full-nav":"/business","main-nav-mobile":"/"},"order":{"full-nav":2004,"main-nav-mobile":1012},"_admin":{"alias_ids":["/business/politics"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"Politics"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Find the latest news and analysis on Canadian and global politics on BNN Bloomberg, including federal and provincial government policies.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Canada Politics and Business Investing News – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./business/politics"},{"_id":"/business","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Business","description":"Get the latest Canadian and global business news and in-depth stock market analysis. Stay on top of your portfolio with expert financial insights, investment strategies, and market trends.","path":"/business","parent_id":"/","parent":{"default":"/"},"additional_properties":{"original":{"_id":"/business","_website":"bnn-bloomberg","name":"Business","inactive":false,"ancestors":{"default":["/"],"main-nav-desktop":[],"main-nav-mobile":["/"],"full-nav":["/"]},"parent":{"default":"/","main-nav-desktop":null,"main-nav-mobile":"/","full-nav":"/"},"order":{"default":1028,"main-nav-mobile":1008,"full-nav":1004},"_admin":{"alias_ids":["/business"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"Business"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Get the latest Canadian and global business news and in-depth stock market analysis. Stay on top of your portfolio with expert financial insights, investment strategies, and market trends.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Canadian Business News and Stock Market Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./business"},{"_id":"/investing/commodities","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Commodities","description":"Gain valuable investing insights into commodities and futures. Stay ahead of market trends and make informed investment decisions.","path":"/investing/commodities","parent_id":"/investing","parent":{"default":"/investing"},"additional_properties":{"original":{"_id":"/investing/commodities","_website":"bnn-bloomberg","name":"Commodities","inactive":false,"ancestors":{"default":["/investing"],"full-nav":["/investing","/"],"main-nav-mobile":["/"],"main-nav-desktop":[]},"parent":{"default":"/investing","full-nav":"/investing","main-nav-mobile":"/","main-nav-desktop":null},"order":{"full-nav":2001,"main-nav-mobile":1003},"_admin":{"alias_ids":["/investing/commodities"]},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"Commodities"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Gain valuable investing insights into commodities and futures. Stay ahead of market trends and make informed investment decisions.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Commodities and Futures News, Investing Insights – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./investing/commodities"},{"_id":"/business/international","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"International","description":"Dive into the world of international business with BNN Bloomberg, Canada's trusted source for financial news. Stay ahead of the curve and make informed decisions with our comprehensive coverage of global markets.","path":"/business/international","parent_id":"/business","parent":{"default":"/business"},"additional_properties":{"original":{"_id":"/business/international","_website":"bnn-bloomberg","name":"International","inactive":false,"ancestors":{"default":["/business"],"full-nav":["/business","/"],"main-nav-mobile":["/"]},"parent":{"default":"/business","full-nav":"/business","main-nav-mobile":"/"},"order":{"full-nav":2006,"main-nav-mobile":1014},"_admin":{"alias_ids":["/business/international"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"jasper":{"jasper_autoplay_desktop":"always","jasper_autoplay_mobile":"always","jasper_player_float_desktop":"float","jasper_player_float_mobile":"float"},"navigation":{"nav_title":"International"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Dive into the world of international business with BNN Bloomberg, Canada's trusted source for financial news. Stay ahead of the curve and make informed decisions with our comprehensive coverage of global markets.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"International Business News and Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./business/international"}],"seo_keywords":["Materials","Business","Markets","Company News","Computers","ETFs","General","Government","Industry","Metals & Mining","North America","Technology","Technology Services","Top News","Unites States","World","Top World"]},"type":"story","version":"0.10.10","websites":{"bnn-bloomberg":{"website_section":{"_id":"/investing","_website":"bnn-bloomberg","type":"section","version":"0.6.0","name":"Investing","description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","path":"/investing","parent_id":"/","parent":{"default":"/"},"additional_properties":{"original":{"_id":"/investing","_website":"bnn-bloomberg","name":"Investing","inactive":false,"ancestors":{"default":["/"],"main-nav-desktop":["/"],"main-nav-mobile":["/"],"full-nav":["/"]},"parent":{"default":"/","main-nav-desktop":"/","main-nav-mobile":"/","full-nav":"/"},"order":{"default":1027,"main-nav-desktop":1001,"main-nav-mobile":1002,"full-nav":1002},"_admin":{"alias_ids":["/investing"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"navigation":{"nav_title":"Investing"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Investing Insights, Market Trends News and Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}},"_website_section_id":"bnn-bloomberg./investing"},"website_url":"/investing/2024/12/01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/"}},"workflow":{"status_code":3},"canonical_url":"https://www.bloomberg.com/news/articles/2024-12-01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks","publishing":{"scheduled_operations":{"publish_edition":[],"unpublish_edition":[]}},"website":"bnn-bloomberg","website_url":"/investing/2024/12/01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/"};Fusion.globalContentConfig={"source":"content-api","query":{"uri":"/investing/2024/12/01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/","website_url":"/investing/2024/12/01/the-establishment-takeover-of-bitcoin-creates-new-list-of-risks/","arc-site":"bnn-bloomberg"}};Fusion.lastModified=1733313025651;Fusion.contentCache={"signing-service":{"{\"id\":\"https://static.themebuilder.aws.arc.pub/bellmediainc/1717607291216.jpg\"}":{"data":{"hash":"ef34cf3f59642485b12f79845baaee98582b911ca4d3aeb27d8722b9c453587b","type":"sha256","_id":"a785af537df2ee3ddaa7d4fe20134ebf6fabba4b8e8aeb772df0abc30965605b"},"expires":1764829072993,"lastModified":1733293072497}},"site-service-hierarchy":{"{\"feature\":\"header-nav-chain\",\"hierarchy\":\"full-nav\"}":{"data":{"children":[{"_id":"/markets","children":[{"_id":"/markets/tsx","name":"TSX","node_type":"section"},{"_id":"/markets/venture","name":"Venture","node_type":"section"},{"_id":"/markets/s-p-500","name":"S&P 500","node_type":"section"},{"_id":"/markets/nasdaq","name":"NASDAQ ","node_type":"section"},{"_id":"/markets/dow-jones","name":"DOW","node_type":"section"},{"_id":"/markets/currencies","name":"Currencies","node_type":"section"},{"_id":"/markets/oil","name":"Oil","node_type":"section"},{"_id":"/markets/gold","name":"Gold","node_type":"section"},{"_id":"/markets/crypto","name":"Crypto","node_type":"section"}],"name":"Markets","node_type":"section"},{"_id":"/investing","children":[{"_id":"/investing/commodities","name":"Commodities","node_type":"section"},{"_id":"/investing/opinion","name":"Opinion","node_type":"section"},{"_id":"/investing/cannabis","name":"Cannabis","node_type":"section"},{"_id":"/investing/personal-finance","name":"Personal Finance","node_type":"section"},{"_id":"/investing/etfs","name":"ETFs","node_type":"section"}],"name":"Investing","node_type":"section"},{"_id":"/video","children":[{"_id":"/video/shows","name":"Shows","node_type":"section"},{"_id":"/video/live","name":"Live","node_type":"section"},{"_id":"/video/investing","name":"Investing","node_type":"section"},{"_id":"/video/company-news","name":"Company News","node_type":"section"},{"_id":"/video/commodities","name":"Commodities","node_type":"section"},{"_id":"/video/real-estate","name":"Real Estate","node_type":"section"},{"_id":"/video/international","name":"International","node_type":"section"},{"_id":"/video/economics","name":"Economics","node_type":"section"},{"_id":"/video/technology","name":"Technology","node_type":"section"},{"_id":"/video/personal-finance","name":"Personal Finance","node_type":"section"},{"_id":"/video/crypto","name":"Crypto","node_type":"section"},{"_id":"/video/etfs","name":"ETFs","node_type":"section"}],"name":"Video","node_type":"section"},{"_id":"/business","children":[{"_id":"/business/company-news","name":"Company News","node_type":"section"},{"_id":"/business/economics","name":"Economics","node_type":"section"},{"_id":"/business/real-estate","name":"Real Estate","node_type":"section"},{"_id":"/business/politics","name":"Politics","node_type":"section"},{"_id":"/business/technology","name":"Technology","node_type":"section"},{"_id":"/business/international","name":"International","node_type":"section"}],"name":"Business","node_type":"section"},{"_id":"/newsletters","children":[],"name":"Newsletters","node_type":"section"},{"_id":"/podcasts","children":[],"name":"Podcasts","node_type":"section"},{"_id":"/team","children":[],"name":"Team","node_type":"section"},{"_id":"link-6SI4M73NURH7NBD3FBEYJJWHQQ","children":[],"display_name":"CorpVOD","node_type":"link","url":"/faq/2024/08/29/bnn-bloomberg-can-deliver-an-ad-free-version-of-your-interview-to-post-on-your-website/"}],"_id":"/"},"expires":1733313197578,"lastModified":1733312897455},"{\"feature\":\"links-bar\",\"hierarchy\":\"main-nav-desktop\"}":{"data":{"children":[{"_id":"/investing","name":"Investing","node_type":"section"},{"_id":"link-GLKCHCC2SBCZPD2CQPQ336J5YY","display_name":"Markets","node_type":"link","url":"/markets/tsx/"},{"_id":"/video","name":"Video","node_type":"section"},{"_id":"/video/shows","name":"Shows","node_type":"section"},{"_id":"/video/live","name":"Live","node_type":"section"}],"_id":"/"},"expires":1733313197656,"lastModified":1733312897585},"{\"feature\":\"links-bar\",\"hierarchy\":\"Footer-linksbar\",\"sectionId\":\"\"}":{"data":{"children":[{"_id":"/newsletters","name":"Newsletters","node_type":"section"},{"_id":"/faq","name":"FAQ","node_type":"section"},{"_id":"/channel-guide","name":"Channel Guide","node_type":"section"},{"_id":"/team","name":"Team","node_type":"section"}],"_id":"/"},"expires":1733313209527,"lastModified":1733312909446},"{\"feature\":\"footer\",\"hierarchy\":\"bnnb-footer\"}":{"data":{"children":[{"_id":"/accessibility-help","children":[{"_id":"link-A7SD54FXAFGZZELZQA5WH3KKFQ","display_name":"BCE Accessibility","node_type":"link","url":"https://www.bce.ca/Accessibility_services?brand=BNN%20Bloomberg"},{"_id":"/contact-us","name":"Contact Us","node_type":"section"}],"name":"Accessibility & Feedback","node_type":"section"},{"_id":"/about-bellmedia","children":[{"_id":"link-K4MYKGPHRRDPXNBGYUUM2CSOMI","display_name":"Bell Privacy Policy","node_type":"link","url":"https://www.bell.ca/Security_and_privacy/Commitment_to_privacy"},{"_id":"link-IG6LSIAVIJFTDFGCG5NXRKACKI","display_name":"Political Ads Registry","node_type":"link","url":"https://www.bellmedia.ca/advertising-sales/political-ads-registry/"},{"_id":"link-6UVB2ANGOZHPTGZ6L3KM6MGILU","display_name":"Terms & Conditions","node_type":"link","url":"https://www.bellmedia.ca/bell-media-website-terms-conditions/"}],"name":"About Bell Media","node_type":"section"},{"_id":"/other-brands","children":[{"_id":"link-WH5QTEEOQVBCNPSXK2GQ2RZLIY","display_name":"CTVNews.ca","node_type":"link","url":"https://www.ctvnews.ca/"},{"_id":"link-6M37KLJBSBHETIJTO3YLHRHYGA","display_name":"CP24.com","node_type":"link","url":"https://www.cp24.com/"},{"_id":"link-S74REFHDV5AU5MAJSN7JMQ273A","display_name":"TSN.ca","node_type":"link","url":"https://www.tsn.ca/"}],"name":"Other Brands","node_type":"section"},{"_id":"/autres-marque","children":[{"_id":"link-N6JTEVAQKBFYTHWQZKBWYZ3M4I","display_name":"Noovo.info","node_type":"link","url":"https://www.noovo.info/"},{"_id":"link-SLFWPYLGLFDDPEVXAKT3T4NLHI","display_name":"Noovomoi.ca","node_type":"link","url":"https://www.noovomoi.ca/"},{"_id":"link-GZ6H2HPVM5BMBKNJ5IZRO3YNUM","display_name":"RDS.ca","node_type":"link","url":"https://www.rds.ca/"}],"name":"Autres Marques","node_type":"section"}],"_id":"/"},"expires":1733313258608,"lastModified":1733312958572}},"alert-bar-collections":{"{\"from\":0,\"site\":\"bnn-bloomberg\",\"size\":1}":{"data":{"_id":"DZUJIWBCQZCORHWPO2DJSSEZYQ","version":"0.10.6","created_date":"2024-06-13T15:50:01.629Z","headlines":{"basic":"BNNB - Alert Bar"},"last_updated_date":"2024-11-26T13:16:36.666Z","type":"collection","canonical_website":"bnn-bloomberg","content_elements":[],"websites":{"bnn-bloomberg":{}},"description":{"basic":"Alert Bar collection for BNN Bloomberg. If a story is added to this collection, it will appear in the Alert Bar Block on BNNBloomberg.ca until removed from this collection."},"content_aliases":["alert-bar"],"owner":{"id":"bellmediainc"},"revision":{"branch":"default","published":true},"canonical_url":null,"publishing":{"scheduled_operations":{"publish_edition":[],"unpublish_edition":[]}},"website":"bnn-bloomberg"},"expires":1733313060503,"lastModified":1733312940464}},"section-page-custom":{"{\"ids\":\"/investing\"}":{"data":[{"_id":"/investing","_website":"bnn-bloomberg","name":"Investing","inactive":false,"ancestors":{"default":["/"],"main-nav-desktop":["/"],"main-nav-mobile":["/"],"full-nav":["/"]},"parent":{"default":"/","main-nav-desktop":"/","main-nav-mobile":"/","full-nav":"/"},"order":{"default":1027,"main-nav-desktop":1001,"main-nav-mobile":1002,"full-nav":1002},"_admin":{"alias_ids":["/investing"]},"adverts":{"disable_fluid_advert":"false","disable_leaderboard_adverts":"false"},"navigation":{"nav_title":"Investing"},"site":{"pagebuilder_path_for_native_apps":null,"site_about":null,"site_description":"Expert analysis on investing and market trends. Stay ahead of the game with comprehensive coverage of stock market investing, and financial expert insights on investment portfolio strategies.","site_keywords":"finance, financial, business, investing, stocks, market, analysis, portfolio, tsx, s&p, djia, nasdaq, dividends, securities, bonds, wall street, money, commodities, trading, trade, bank of canada, personal finance, real estate, economics, technology, wealth management, asset management, capital markets, foreign exchange, etf, reit, consumer discretionary, consumer staples, health care, energy, industrials, materials, telecommunications, utilities, interest rate, alpha","site_tagline":null,"site_title":"Investing Insights, Market Trends News and Analysis – BNN Bloomberg","site_url":"https://www.bnnbloomberg.ca/"},"site_topper":{"site_logo_image":null},"social":{"facebook":null,"instagram":null,"rss":null,"twitter":null},"node_type":"section"}],"expires":1733313263883,"lastModified":1733312963819}},"related-stories-custom":{"{\"_id\":\"YR25RSJULN37RC2URKKMLNXGA4\",\"included_fields\":\"_id,headlines.basic,canonical_website,canonical_url\",\"website\":\"bnn-bloomberg\"}":{"data":{"_id":"44136fa355b3678a1146ad16f7e8649e94fb4fc21fe77e8310c060f61caaff8a"},"expires":1733313325500,"lastModified":1733313025477}},"content-api-collections":{"{\"_id\":\"3WPOFALD6NDR3CAEMFYUOQN55A\",\"feature\":\"standard-list\",\"size\":6}":{"data":{"content_elements":[{"_id":"IFIGQPTNBJBMXORSG4H5UFVNUQ","display_date":"2024-12-03T19:51:14.627Z","headlines":{"basic":"Scotiabank fundamentals failed to ‘catch up’ to valuation: portfolio manager"},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"UFGTR6XWY7Q5HZIBFJYN2TFBCU","auth":{"1":"1da2593b54271afa07939c29a406891968365c65b2c988ba447c96041220445f"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/UFGTR6XWY7Q5HZIBFJYN2TFBCU.jpg"},"lead_art":{"_id":"ed7254a3-961d-4374-b87e-a901ea79fd53","additional_properties":{"axisId":"3040333","axis_duration":440.274,"imageResizerUrls":[{"height":279,"size":"small","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/1z3GxqDDUBj971KVNAO1I6YwvAY=/420x279/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_f53ff3c0965f49d7a17430896e373602_name_c3cf7e9d27f080df87dac0719280e2e17d6d53773eff12a62ee0107796e3c6b2.jpg","width":420},{"height":466,"size":"medium","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/Fhc9AyyP6tzlXL0bfYsSCqx6oAw=/700x466/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_f53ff3c0965f49d7a17430896e373602_name_c3cf7e9d27f080df87dac0719280e2e17d6d53773eff12a62ee0107796e3c6b2.jpg","width":700},{"height":746,"size":"large","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/UR1-bGajgVKDeJ-v6ufViqyd7Xk=/1120x746/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_f53ff3c0965f49d7a17430896e373602_name_c3cf7e9d27f080df87dac0719280e2e17d6d53773eff12a62ee0107796e3c6b2.jpg","width":1120}],"platform":"desktop","videoAdZone":"wpni.video.oodef"},"duration":66,"promo_items":{"basic":{"auth":{"1":"588b1427bc9df025e7c53b82aa68c77704ab9f3d0dd27bc1528c0658da3d39ff"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_f53ff3c0965f49d7a17430896e373602_name_c3cf7e9d27f080df87dac0719280e2e17d6d53773eff12a62ee0107796e3c6b2.jpg"}},"type":"video"}},"taxonomy":{"primary_section":{"name":"Company News","path":"/business/company-news"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/business/company-news/2024/12/03/scotiabank-fundamentals-failed-to-catch-up-to-valuation-portfolio-manager/"}}},{"_id":"RMFJX3BTBNGIVPHZM5OLSL6CYU","display_date":"2024-12-03T17:59:54.382Z","headlines":{"basic":"Chief market strategist predicts equity markets to deliver ‘mid single digit’ returns in 2025 "},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"HL6DURZ4T63T6U4VUNO7NX5KNY","auth":{"1":"b3f422e31b3c74cb7f8b6a844b045f8ff4b08b90aa2abe403a949b2e0ce22021"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/HL6DURZ4T63T6U4VUNO7NX5KNY.jpg"},"lead_art":{"_id":"f1db3845-c86f-4b1b-8562-a63e3cf9bbcd","additional_properties":{"axisId":"3040291","axis_duration":404.405,"imageResizerUrls":[{"height":172,"size":"small","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/75xqPiRJ3ChT0mVpByXhA0oOWT8=/306x172/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_03a776f77bb145c7be9eee1012c0764b_name_image.jpg","width":306},{"height":287,"size":"medium","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/IY2ZS19Y48TARCRQSXYQ8xvq64A=/510x287/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_03a776f77bb145c7be9eee1012c0764b_name_image.jpg","width":510},{"height":459,"size":"large","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/3cQi6ugSEV6Yy6J7SWY2IQBw-Jc=/816x459/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_03a776f77bb145c7be9eee1012c0764b_name_image.jpg","width":816}],"platform":"desktop","videoAdZone":"wpni.video.oodef"},"duration":66,"promo_items":{"basic":{"auth":{"1":"22643b37654a42ae8b1681d0ad6524c81dd18a4548ace317520904f13a542890"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_03a776f77bb145c7be9eee1012c0764b_name_image.jpg"}},"type":"video"}},"taxonomy":{"primary_section":{"name":"Investing","path":"/investing"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/investing/2024/12/03/chief-market-strategist-predicts-equity-markets-to-deliver-mid-single-digit-returns-in-2025/"}}},{"_id":"YCAPQVSEJVMMPJEYZ3CWFIEHSA","display_date":"2024-12-03T22:12:57Z","headlines":{"basic":"Canada Mining Group Uses China Ban to Push Back on Trump Tariffs"},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"EWMA7EW3QYPWA3NBUPX5GJNQYQ","auth":{"1":"6dfcd0aba6940bdf60054727a577fbb5774f98d88f6b75ce90f77d0e7cd422e5"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/EWMA7EW3QYPWA3NBUPX5GJNQYQ.jpg"},"lead_art":{"_id":"9bfb23cc-1b11-45ab-a8cd-3e9f06521476","additional_properties":{"axisId":"3018224","axis_duration":346.414,"imageResizerUrls":[{"height":279,"size":"small","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/KHceg8TEDJ-OWvRscT6M6ajqwec=/420x279/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-25-2024/t_94cf6a6a62474076976969b4fac90756_name_1a88fc1f08204c603630416a8b57bf21aedd28327f165a2f87b9d32440829b66.jpg","width":420},{"height":466,"size":"medium","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/XUxg91FFhHzbc5xgOyz27U5CSfE=/700x466/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-25-2024/t_94cf6a6a62474076976969b4fac90756_name_1a88fc1f08204c603630416a8b57bf21aedd28327f165a2f87b9d32440829b66.jpg","width":700},{"height":746,"size":"large","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/16ztI91Yg8PEx9-imr5sYZwC5KE=/1120x746/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-25-2024/t_94cf6a6a62474076976969b4fac90756_name_1a88fc1f08204c603630416a8b57bf21aedd28327f165a2f87b9d32440829b66.jpg","width":1120}],"platform":"desktop","videoAdZone":"wpni.video.oodef"},"duration":66,"promo_items":{"basic":{"auth":{"1":"8ed8c5d62166c55411b9e03d1c5e17defbddfb0a7a1e8597b44d9c7a50680fd6"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/10-25-2024/t_94cf6a6a62474076976969b4fac90756_name_1a88fc1f08204c603630416a8b57bf21aedd28327f165a2f87b9d32440829b66.jpg"}},"type":"video"}},"taxonomy":{"primary_section":{"name":"International","path":"/business/international"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/business/international/2024/12/03/canada-mining-group-uses-china-ban-to-push-back-on-trump-tariffs/"}}},{"_id":"PLWTHGSUIVLWAVVNPC26GM74B4","display_date":"2024-12-03T13:42:11.816Z","headlines":{"basic":"Enbridge raises quarterly dividend by 3%, releases financial guidance for 2025"},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"QH3ZOJQFKIL56HDSUCAOP32RKA","auth":{"1":"60d26c3cbbe23e9b149ebec14dea5855b5ffadbce4edddb2af8faae4c2c5e8ca"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/QH3ZOJQFKIL56HDSUCAOP32RKA.jpg"},"lead_art":{"_id":"0e4f8dcd-8408-44a9-8ea1-dba77fcf30b4","additional_properties":{"axisId":"84675","axis_duration":0,"imageResizerUrls":[{"height":324,"size":"small","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/HQsIYSPh6IM2XcTacwIwM-yJoic=/576x324/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-28-2024/t_cb652f927e8840069b3d342039f08513_name_2018_4_29_0bb0eb65_4a87_404b_8936_a462fde3c404_jpg_2000x1125_scaled.jpg","width":576},{"height":540,"size":"medium","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/CVh-MFezZvGAceymdJQqnNKJ0PI=/960x540/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-28-2024/t_cb652f927e8840069b3d342039f08513_name_2018_4_29_0bb0eb65_4a87_404b_8936_a462fde3c404_jpg_2000x1125_scaled.jpg","width":960},{"height":864,"size":"large","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/yTsZrDkl9tnb25gW6Ix1-Oc3BP8=/1536x864/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/10-28-2024/t_cb652f927e8840069b3d342039f08513_name_2018_4_29_0bb0eb65_4a87_404b_8936_a462fde3c404_jpg_2000x1125_scaled.jpg","width":1536}],"platform":"desktop","videoAdZone":"wpni.video.oodef"},"duration":66,"promo_items":{"basic":{"auth":{"1":"fa033083fef735bfcd6f7ef57128ea257e9fed6e0ed33284c223241ba3e1214c"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/10-28-2024/t_cb652f927e8840069b3d342039f08513_name_2018_4_29_0bb0eb65_4a87_404b_8936_a462fde3c404_jpg_2000x1125_scaled.jpg"}},"type":"video"}},"taxonomy":{"primary_section":{"name":"Company News","path":"/business/company-news"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/business/company-news/2024/12/03/enbridge-raises-quarterly-dividend-by-3-release-financial-guidance-for-2025/"}}},{"_id":"3DROCLZABWIKEFUS3C77QIUSSU","display_date":"2024-12-03T21:46:15Z","headlines":{"basic":"Oil Sands Carbon Capture Project Draws First Nations’ Scrutiny"},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"TZASKCXP4SKKPLRIYA75NWT77E","auth":{"1":"48be6754accaad7a2acebdad949b4df14af19165385e54b394e7613369b44eda"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/TZASKCXP4SKKPLRIYA75NWT77E.jpg"}},"taxonomy":{"primary_section":{"name":"Commodities","path":"/investing/commodities"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/investing/commodities/2024/12/03/oil-sands-carbon-capture-project-draws-first-nations-scrutiny/"}}},{"_id":"BOQ2EVZW4VHBHPLLTTB6NEXETA","display_date":"2024-12-03T18:27:43.556Z","headlines":{"basic":"Andrey Omelchak’s Top Picks for December 3, 2024"},"owner":{"sponsored":false},"promo_items":{"basic":{"_id":"CJDYUWLWMRG5JKB6XKCKMCJQZU","auth":{"1":"be51599760c2e5d1621900802a4fffca51b4901d87811ea98c8b097267c43f21"},"type":"image","url":"https://cloudfront-us-east-1.images.arcpublishing.com/bellmediainc/CJDYUWLWMRG5JKB6XKCKMCJQZU.png"},"lead_art":{"_id":"e3ccfa02-1574-42e6-811c-bbea268976b6","additional_properties":{"axisId":"3040411","axis_duration":234.135,"imageResizerUrls":[{"height":138,"size":"small","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/Sb_wQspRuuQ-Qp0dGJHDnEsczq4=/253x138/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_0f8a07afc40f4b2283770c36ad122b1d_name_market_call_dec3.png","width":253},{"height":231,"size":"medium","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/DbRKZi06MYiQi0Is0GbUM6ZdC98=/422x231/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_0f8a07afc40f4b2283770c36ad122b1d_name_market_call_dec3.png","width":422},{"height":370,"size":"large","url":"https://bellmediainc-bnn-bloomberg-prod.web.arc-cdn.net/resizer/0lUC7LzmIL48ReC-XRDbQy1-wrg=/676x370/filters:quality(80)/arc-goldfish-bellmediainc-thumbnails.s3.amazonaws.com/12-03-2024/t_0f8a07afc40f4b2283770c36ad122b1d_name_market_call_dec3.png","width":676}],"platform":"desktop","videoAdZone":"wpni.video.oodef"},"duration":66,"promo_items":{"basic":{"auth":{"1":"0311d0a43ef9d79c25f7d1a9fd74f2d1ae5bd0f0c04fea82beed8fe99cde0066"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_0f8a07afc40f4b2283770c36ad122b1d_name_market_call_dec3.png"}},"type":"video"}},"taxonomy":{"primary_section":{"name":"Investing","path":"/investing"}},"type":"story","websites":{"bnn-bloomberg":{"website_url":"/investing/2024/12/03/andrey-omelchaks-top-picks-for-december-3-2024/"}}}],"_id":"3WPOFALD6NDR3CAEMFYUOQN55A"},"expires":1733313117469,"lastModified":1733312997346},"{\"_id\":\"6P6XJXYO3FCYHPDWNZZYFWXVHQ\",\"feature\":\"standard-list\",\"size\":6}":{"data":{"content_elements":[{"_id":"0e4f8dcd-8408-44a9-8ea1-dba77fcf30b4","display_date":"2024-07-09T10:00:00Z","headlines":{"basic":"BNN Bloomberg"},"promo_items":{"basic":{"auth":{"1":"fa033083fef735bfcd6f7ef57128ea257e9fed6e0ed33284c223241ba3e1214c"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/10-28-2024/t_cb652f927e8840069b3d342039f08513_name_2018_4_29_0bb0eb65_4a87_404b_8936_a462fde3c404_jpg_2000x1125_scaled.jpg"}},"taxonomy":{"primary_section":{"name":"Live","path":"/video/live"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/live/2024/11/30/bnn-bloomberg/"}}},{"_id":"589b6517-6141-49fd-8403-2f2c268ce958","display_date":"2024-12-03T15:29:47Z","headlines":{"basic":"BoC December rate decision: Here's what to expect"},"promo_items":{"basic":{"auth":{"1":"75cfa7ad0fc68839198a09c03899ac391ec16b4838b9bd97550f9cc30a57a2ec"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_e652366b45f341f5af1e7995e78f54f6_name_image.jpg"}},"taxonomy":{"primary_section":{"name":"The Open","path":"/video/shows/the-open"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/shows/the-open/2024/12/03/boc-december-rate-decision-heres-what-to-expect/"}}},{"_id":"bc0e8961-7994-4958-a0a5-d98dea2cefb9","display_date":"2024-12-03T14:20:00Z","headlines":{"basic":"Outlook for Canadian banks amid lowering rates"},"promo_items":{"basic":{"auth":{"1":"1726ac5e013ec24bb26f996320149eb95017a1b0f2657d2c6bb2fc350bedac5d"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_4ca8ddb1d18d4a188c58a0cc8b374d7c_name_image.jpg"}},"taxonomy":{"primary_section":{"name":"The Open","path":"/video/shows/the-open"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/shows/the-open/2024/12/03/outlook-for-canadian-banks-amid-lowering-rates/"}}},{"_id":"21382b43-202a-49da-b708-e2e6e72b8f9e","display_date":"2024-12-03T22:24:33Z","headlines":{"basic":"Open AI sued by five major Canadian media outlets"},"promo_items":{"basic":{"auth":{"1":"779af454ad778c12ddec3653bade60cc3a3c98920c7de815604da902e16b4c93"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_3b35ac26189d46cd8a4e8816103d0063_name_image.jpg"}},"taxonomy":{"primary_section":{"name":"The Close","path":"/video/shows/the-close"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/shows/the-close/2024/12/03/open-ai-sued-by-five-major-canadian-media-outlets/"}}},{"_id":"abd98a8e-a668-4e8a-8d94-eea3791c3475","display_date":"2024-12-03T19:00:54Z","headlines":{"basic":"Why Scotiabank's Q4 misses wasn't a surprise to analysts"},"promo_items":{"basic":{"auth":{"1":"ec8832fa56c52d3be2fbcc74ea10e67de5c55057d076ed317471c07e5b600f37"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_a079844af6f8455cba9d22ed719ffec7_name_image.jpg"}},"taxonomy":{"primary_section":{"name":"Trading Day","path":"/video/shows/trading-day"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/shows/trading-day/2024/12/03/why-scotiabanks-q4-misses-wasnt-a-surprise-to-analysts/"}}},{"_id":"052a9965-77f2-4b73-be78-927fcb4b7b2c","display_date":"2024-12-03T18:50:00Z","headlines":{"basic":"Ukrainian MP on reconstructing Ukraine's economy"},"promo_items":{"basic":{"auth":{"1":"8f4954950d66b3448be1ddcbf1c5c3fb4a71c5d6d5846afa055cbdbb384d753f"},"type":"image","url":"https://d3g70guqh4mw9g.cloudfront.net/12-03-2024/t_8bc9e68ee9d34f80bd68ac77b8485d36_name_MP.jpg"}},"taxonomy":{"primary_section":{"name":"Trading Day","path":"/video/shows/trading-day"}},"type":"video","websites":{"bnn-bloomberg":{"website_url":"/video/shows/trading-day/2024/12/03/ukrainian-mp-on-reconstructing-ukraines-economy/"}}}],"_id":"6P6XJXYO3FCYHPDWNZZYFWXVHQ"},"expires":1733313062707,"lastModified":1733312942625}}};Fusion.layout="@wpmedia/right-rail-block/right-rail";Fusion.metas={"page-type":{"value":"article","html":true}};Fusion.outputType="default";Fusion.template="template/tptkI3Gafyb9CVjFs";Fusion.tree={"collection":"layouts","type":"@wpmedia/right-rail-block/right-rail","props":{"collection":"layouts","type":"@wpmedia/right-rail-block/right-rail","id":"@wpmedia/right-rail-block/right-rail","childProps":[{"collection":"sections","id":0},{"collection":"sections","id":1},{"collection":"sections","id":2},{"collection":"sections","id":3},{"collection":"sections","id":4},{"collection":"sections","id":5}]},"children":[{"collection":"sections","props":{"collection":"sections","id":0},"children":[{"collection":"chains","type":"@wpmedia/header-nav-chain-block/header-nav-chain-block","props":{"collection":"chains","type":"@wpmedia/header-nav-chain-block/header-nav-chain-block","id":"c0fttOP3MGBE6Be","customFields":{"hierarchy":"full-nav","signInOrder":null,"logoAlignment":"left","showHorizontalSeperatorDots":false,"leftComponentDesktop1":"none","leftComponentCustomIndexDesktop1":null,"leftComponentDesktop2":"menu","leftComponentMobile1":"menu","menuComponentMobile1":"custom","rightComponentMobile1":"queryly","menuComponentMobile2":"none","rightComponentDesktop1":"custom","rightComponentDesktop2":"queryly","menuComponentDesktop1":"custom","menuComponentDesktop2":"none","horizontalLinksHierarchy":"main-nav-desktop","menuComponentCustomIndexMobile1":2,"rightComponentCustomIndexDesktop1":2,"menuComponentCustomIndexDesktop1":1},"displayProperties":{}},"children":[{"collection":"features","type":"common-header-scripts-custom-block/default","props":{"collection":"features","type":"common-header-scripts-custom-block/default","id":"f0fI1LRMcLTHAX-0-0-0","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"sign-in-block/default","props":{"collection":"features","type":"sign-in-block/default","id":"f0fs3Zg5sV8IIE-0-0-1","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"features","type":"@wpmedia/alert-bar-block/alert-bar","props":{"collection":"features","type":"@wpmedia/alert-bar-block/alert-bar","id":"f0fuionHMGBE67w","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"_id":"FGGR5EBGGRAY7G37VQSXS6EWTQ"},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"ads-custom-block/default","props":{"collection":"features","type":"ads-custom-block/default","id":"f0fG1iPLAjvr9V","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"adType":"30x1","lazyLoad":false,"reserveSpace":false,"displayAdLabel":false,"disableMobileDisplay":null,"disableDesktopDisplay":null,"stickyBigBox":null},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"ads-custom-block/default","props":{"collection":"features","type":"ads-custom-block/default","id":"f0fBcyJHrlUz1cy","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"adType":"2560x620","lazyLoad":false,"reserveSpace":false,"displayAdLabel":false,"disableMobileDisplay":null,"disableDesktopDisplay":null,"stickyBigBox":null},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"@wpmedia/htmlbox-block/htmlbox","props":{"collection":"features","type":"@wpmedia/htmlbox-block/htmlbox","id":"f0fvAZDX3fjG4pA","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"HTML":"\n<style>\n.c-stack.b-ads-custom.b-ads-custom--fluid .b-ads-custom__wrapper iframe{\nwidth: 100%;\n}\n</style>"},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"sections","props":{"collection":"sections","id":1},"children":[{"collection":"features","type":"ads-custom-block/default","props":{"collection":"features","type":"ads-custom-block/default","id":"f0fwdclX2ePsm9","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"adType":"970x250|970x90|728x90|320x50","lazyLoad":false,"reserveSpace":true,"displayAdLabel":true,"enableBackgroundColour":true,"adLabelOverride":null,"adLabelAlignment":null,"disableMobileDisplay":null,"disableDesktopDisplay":null,"stickyBigBox":null},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"share-bar-custom-block/default","props":{"collection":"features","type":"share-bar-custom-block/default","id":"f0fz23pANGBE6aF","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{"email":true,"facebook":false,"pinterest":false,"x":true,"reddit":true,"linkedIn":true},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"sections","props":{"collection":"sections","id":2},"children":[{"collection":"features","type":"@wpmedia/overline-block/overline","props":{"collection":"features","type":"@wpmedia/overline-block/overline","id":"f0fn91yiNGBE6eq","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"@wpmedia/headline-block/headline","props":{"collection":"features","type":"@wpmedia/headline-block/headline","id":"f0ftArvpNGBE6Yz","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"@wpmedia/byline-block/byline","props":{"collection":"features","type":"@wpmedia/byline-block/byline","id":"f0fPILXPNGBE6Fp","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"@wpmedia/date-block/date","props":{"collection":"features","type":"@wpmedia/date-block/date","id":"f0flIXaTNGBE6Fj","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"lead-art-custom-block/default","props":{"collection":"features","type":"lead-art-custom-block/default","id":"f0fxS6fLNGBE6vV","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{"imageLoadingStrategy":"eager","imageRatio":"16:9","hideTitle":true,"hideCaption":false,"hideCredits":false,"showImageExpand":false},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"chains","type":"article-body-custom","props":{"collection":"chains","type":"article-body-custom","id":"c0fCCy4E1k7L1sk","customFields":{"elementPlacement":{"1":"2"}},"displayProperties":{}},"children":[{"collection":"features","type":"ads-custom-block/default","props":{"collection":"features","type":"ads-custom-block/default","id":"f0f5bTQE0o9cic","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"adType":"300x250|300x600|300x1050|fluid","lazyLoad":true,"reserveSpace":true,"displayAdLabel":true,"disableDesktopDisplay":true,"disableMobileDisplay":null,"stickyBigBox":null},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"features","type":"@wpmedia/author-bio-block/author-bio","props":{"collection":"features","type":"@wpmedia/author-bio-block/author-bio","id":"f0f816c7OGBE6kn","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{"lazyLoad":true},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"standard-list-custom-block/default","props":{"collection":"features","type":"standard-list-custom-block/default","id":"f0fJpfJDj5iVEG","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"listContentConfig":{"contentService":"content-api-collections","contentConfigValues":{"_id":"3WPOFALD6NDR3CAEMFYUOQN55A","size":6}},"inheritGlobalContent":false,"showDate":true,"listType":"picks","title":"Top Stories","titleLink":"/homepage/"},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"standard-list-custom-block/default","props":{"collection":"features","type":"standard-list-custom-block/default","id":"f0fWfHNSBdR61Gp","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"listContentConfig":{"contentService":"content-api-collections","contentConfigValues":{"_id":"6P6XJXYO3FCYHPDWNZZYFWXVHQ","size":6}},"inheritGlobalContent":false,"showDate":true,"listType":"picks","title":"Top Videos","pbInternal_cloneId":"f0fWfHNSBdR61Gp","titleLink":"/video/"},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"sections","props":{"collection":"sections","id":3},"children":[{"collection":"chains","type":"@wpmedia/single-chain-block/single-chain","props":{"collection":"chains","type":"@wpmedia/single-chain-block/single-chain","id":"c0fkqT9uOGBE6ex","customFields":{},"displayProperties":{"columns":{}}},"children":[{"collection":"features","type":"@wpmedia/simple-list-block/simple-list","props":{"collection":"features","type":"@wpmedia/simple-list-block/simple-list","id":"0fSXEs5TQrm-3-0-0","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"showImage":true,"showHeadline":true,"title":"Editor's Picks","listContentConfig":{"contentService":"content-api-collections","contentConfigValues":{"_id":"4CP5YN2PJJANLDNK665XL2MCOU","size":5}},"lazyLoad":true},"displayProperties":{},"localEdits":{"items":{}},"variants":{}}}]},{"collection":"features","type":"ads-custom-block/default","props":{"collection":"features","type":"ads-custom-block/default","id":"f0fT3VoHLUo31AQ","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"adType":"300x250|300x600|300x1050|fluid","lazyLoad":true,"reserveSpace":true,"displayAdLabel":true,"disableMobileDisplay":true,"stickyBigBox":true,"disableDesktopDisplay":null},"displayProperties":{},"localEdits":{},"variants":{}}}]},{"collection":"sections","props":{"collection":"sections","id":4},"children":[]},{"collection":"sections","props":{"collection":"sections","id":5},"children":[{"collection":"features","type":"@wpmedia/links-bar-block/links-bar","props":{"collection":"features","type":"@wpmedia/links-bar-block/links-bar","id":"f0fYJeRMhajQ1Xu","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":true},"customFields":{"navigationConfig":{"contentService":"site-service-hierarchy","contentConfigValues":{"sectionId":"","hierarchy":"Footer-linksbar"}},"ariaLabel":"More Links"},"displayProperties":{},"localEdits":{},"variants":{}}},{"collection":"features","type":"@wpmedia/footer-block/footer","props":{"collection":"features","type":"@wpmedia/footer-block/footer","id":"f0f26NjEOGBE6Jy","contentConfig":{"contentService":"","contentConfigValues":{},"inherit":false},"customFields":{"navigationConfig":{"contentService":"site-service-hierarchy","contentConfigValues":{"hierarchy":"bnnb-footer"}},"lazyLoad":false},"displayProperties":{},"localEdits":{},"variants":{}}}]}]};Fusion.spa=false;Fusion.spaEnabled=false;</script><script async="" src="//tru.am/scripts/custom/bellmedia.js"></script></body></html>