According to Grayscale CEO Michael Sonnenshein, Bitcoin has outgrown its reputation as a fad and is now seen as a legitimate investment.
Grayscale CEO Emphasizes Bitcoin's Durability, Says It's Beyond a Temporary Favor
The fact that leading investment firms such as BlackRock and Fidelity are racing to launch a spot Bitcoin ETF highlights the growing acceptance of the cryptocurrency.
Sonnenshein explained that the involvement of former financial institutions in Bitcoin shows the positive reaction of the market, adding more credibility to an asset class that was once dismissed as a temporary trend.
BlackRock's interest, which surprisingly applied for a spot Bitcoin ETF in June, aligns with the rhetoric that Bitcoin is akin to digital gold.
The evolving outlook on Bitcoin these days is very different from the way BlackRock CEO Larry Fink described the cryptocurrency as a “money laundering index” in 2017.
Competition in the crypto asset management industry has intensified, as evidenced by the growing interest in Grayscale's flagship products, GBTC (Grayscale Bitcoin Trust) and ETHE (Grayscale Ethereum Trust).
In June, estimated revenue from these products hit the highest monthly level of the year, signaling increased investor confidence and increased interest in crypto assets.
*Not investment advice.
