Bitcoin ETF Approval Could Open Doors For $30 Trillion: Grayscale CEO
Michael Sonnenshein, Grayscale CEO, sheds light on the crypto industry’s trajectory in a recent conversation with CNBC’s Squawk Box.
Sonnenchein delved into the intricacies of the crypto industry, offering insights into the company’s advocacy efforts and the evolving landscape of digital assets.
The conversation kicked off with the host probing Sonnenshein about Grayscale’s involvement in the newly announced crypto super pack. The CEO revealed that the focus at Grayscale has been on education, spending significant time on Capitol Hill to ensure regulators approach crypto with an informed perspective.
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Macro and Micro Forces Driving Bitcoin’s Surge
As the discussion veered toward Bitcoin’s performance, Sonnenshein attributed the recent price appreciation to both macro and micro forces. On the macro front, inflationary pressures and rising interest rates prompted investors to view Bitcoin as a store of value.
Meanwhile, a court victory earlier in the year unleashed optimism among investors regarding Grayscale Bitcoin Trust’s (GBTC) potential uplisting as a spot Bitcoin ETF.
$30 trillion worth of wealth to unlock after Bitcoin ETF approval
The host probed further, seeking Sonnenshein’s perspective on a potential spot Bitcoin ETF and its impact on Bitcoin’s future price movements. While avoiding specific price predictions, Sonnenshein acknowledged the market’s optimism, especially among investors adding Bitcoin to their portfolios.
Grayscale’s CEO emphasized the potential unlocking of opportunities for the advised market, which currently accounts for around $30 trillion in wealth, once spot Bitcoin ETFs gain approval.
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The conversation took a turn towards regulatory challenges, with the host expressing concerns about potential bans fueled by negative sentiments from figures like Jamie Dimon. Sonnenshein responded diplomatically, acknowledging diverse opinions within the financial sector and politics.
In concluding the conversation, Sonnenshein remained optimistic about the future of crypto, emphasizing the ongoing changes within financial institutions and regulatory frameworks.
