Most of this past year has been “Bitcoin, Bitcoin, Bitcoin.”

Because yeah, we were all gnashing our teeth waiting for the arrival of the Bitcoin Spot ETFs.

Well, it appears that the Bitcoin ETFs haven’t hit their stride, yet, and now all eyes are turning to Ethereum, which we’ve been neglecting like a red-headed stepchild or one of the Baldwin brothers.

But now it’s time for Ethereum to step into the light, because 2024 may be the year that ETH leaves BTC in the dust.

Espresso Shots

☕️ Blackrock Takes the Lead 👀

Of the Bitcoin Spot ETFs which started with roughly zero assets under management (AUM), Blackrock has developed a commanding lead, accumulating $1 billion AUM.

“We are excited to see IBIT reach this milestone in its first week, reflecting strong investor demand,” Robert Mitchnick, Head of Digital Assets at BlackRock wrote in an email to CoinDesk.

“This is just the beginning. We have a long-term commitment focused on providing investors access to an iShares quality ETF.”

BlackRock’s iShares Bitcoin Trust (IBIT) began trading on January 12 and currently holds over 99% of that billion in BTC, with roughly $60,000 in fiat currency.

Naturally, Grayscale, which launched its ETF with $27 billion AUM, was waiting in the elevator, eating a carrot like Bugs Bunny, and asking what took Blackrock so long.

☕️ Trump Vows to Block CBDCs 🇺🇸

If elected president, Donald Trump has sworn to block any attempt to pass a U.S. central bank digital currency (CBDC).

"Such a currency would give our federal government the absolute control over your money," said Trump during a campaign speech in New Hampshire. Trump was joined on stage by former presidential hopeful, Vivek Ramaswamy, who has since dropped out of the race and endorsed Trump.

"They could take your money, you wouldn't even know it was gone," Trump continued, vowing to "stop it from coming to America."

“Oh yeah, he’s gonna stop those CBDCs real good,” remarked Trump’s 26% completed border wall.

Spilling the Beans

Ethereum’s Long Game

Yes, there’s been a lot of talk about how 2024 is going to be the “Year of Bitcoin” and frankly, we here at Coffee & Crypto were responsible for at least a portion of it.

But we’d be remiss if we didn’t spend some time examining the potential of Bitcoin’s scrappy little brother, Ethereum.

No, Ethereum hasn’t been dominating the news cycle like Bitcoin, despite being one of crypto’s biggest players, ETH simply can’t match BTC’s brand recognition.

But perhaps, this may be the year that Ethereum crawls out of Bitcoin’s shadow and takes its place in the spotlight.

Yeah, we love an underdog story, but this isn’t just wishful thinking.

Now, that Bitcoin Spot ETFs are in play, all eyes are turning to both the Bitcoin halving and a wave of Ethereum Spot ETF approvals as the next market shapers in crypto.

Will the Ethereum Spot ETFs bring us to the paradise promised by Bitcoin Spot ETFs?

Well, it seems reductive to take the Bitcoin Spot ETF disappointment in stride and just fix our collective eyes on a new target.

But don’t worry, we’ll have plenty of coverage on Ethereum Spot ETFs as that potential May approval date draws closer.

No, what has currently captured our attention is the prediction from the analysts at QCP Capital that Ethereum is going to outperform Bitcoin in the medium term.

Now, if you’re like us, that “medium term” threw you for a loop for a second. You know how we have short-term and long-term? Well, apparently some people say medium-term. It means in the next few months.

Anyway.

Ethereum is the top smart contract platform. What Ethereum has that Bitcoin doesn’t is boundless utility, we’re still discovering the limits of what can be built on Ethereum.

Now, you couple that tangible utility with the sort of enthusiasm that surrounded the Bitcoin Spot ETFs, and Ethereum could be primed for some explosive catch-up action.

Of course, this doesn’t mean that Ethereum is going to become more valuable than Bitcoin, Bitcoin was first, and it’s too big and too preeminent, that sort of price eclipse would have to be decades away, not months.

But yes, in the “medium” term, it’s very likely that Ethereum holdings will outperform Bitcoin as we head into the spring.

Remember, you can’t spell, “Um, there are more Spot ETFs coming,” without Ethereum.

The Last Sip

Yes, Ethereum may be poised to outperform Bitcoin this spring, but somehow we’re still having trouble raising the start-up capital for “Beef-thereum”, our crypto-themed Korean BBQ chain.

Stay Caffeinated,

Coffee & Crypto Team

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