Michael Sonnenschein, CEO of Grayscale, the world's largest digital asset management company, stated that there is significant optimism in the market about the course of Bitcoin as the new year approaches.
In an exclusive interview with CNBC, Sonnenschein discussed various issues affecting Bitcoin's growth and the potential obstacles it faces in the regulatory environment.
Sonnenschein highlighted the important role Grayscale plays in advocating for cryptocurrency-related policies in the US:
“Over the past year, we have spent significant time advocating for our investors and ensuring regulators look at crypto through an informed lens. Education has been a primary focus for us.”
Regarding Bitcoin's recent price fluctuations, Sonnenschein emphasized the impact of both macro and micro factors:
“Inflationary pressures and rising interest rates have led investors to view Bitcoin as a store of value or hedge in their portfolios.”
“Optimism Predominates in Bitcoin for 2024”
Avoiding making specific price predictions, Sonnenschein reiterated the optimism prevailing in the market for 2024, especially regarding the potential approval of spot Bitcoin ETFs. He stated that the potential approval is extremely important as it will be entering an area with a wealth of 30 trillion dollars in the USA.
However, Sonnenschein also touched on regulatory concerns looming over the cryptocurrency industry. He noted that there may be different views on crypto and its future among influential figures such as JPMorgan Chase CEO Jamie Dimon and some politicians. Sonnenschein warned that despite ongoing adaptations in policy to meet the needs of today's investors, regulatory action, particularly in the form of potential bans, remains a concern in the industry.
*This is not investment advice.
