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Grayscale: Bitcoin has solidified its role as digital gold and store of value

Gold breaking resistance can cause Bitcoin price to surpass $ 12,000

Bitcoin (BTC) has “solidified” its role in the world economy as a store of value and “digital gold,” according to the head of the world's largest BTC fund.

Speaking in one interview With financial magazine The Compound on March 2, Michael Sonnenschein – CEO of Grayscale Investments, said Bitcoin was in a new investment era.

Grayscale: organizations think BTC is a “safe flight”

In stark contrast to two years ago, by 2020, institutional investors thought that cryptocurrency was needed in their portfolios.

“Bitcoin itself solidified its role as a store of value or as a digital gold,” he said.

"When I talked to an organization, they now see Bitcoin as part of the same flight to safety, because they can look at bonds or gold or other things that have served in that capacity for them, and it was not a widely maintained story perhaps until the last 12 or 18 months. "

In 2019, Grayscale's Bitcoin Investment Trust (GBTC) is the second most liquid OTC trading market in the industry. As Toiyeubitcoin reported, the company's assets have strengthened as investors increasingly focus their attention on regulated Bitcoin products.

This Bitcoin asset management company currently manages about 1.5% of all Bitcoins in circulation, which is equivalent to about $ 3 billion.

Grayscale became a company that was reported to the U.S. regulators – the U.S. Securities and Exchange Commission (SEC), in January this year, and Sonnenschein believes that time is turning to support businesses. Cryptocurrency industry engaged in compliance activities.

For example, the SEC's approval of a Bitcoin exchange-traded fund (ETF), is a matter of “when”, not “if”, he predicted.

A door for altcoin?

Sonnenschein adds:

"There is growing evidence that this asset will not go away – investors want to access it and if the legacy organization wants to remain competitive, they will have to provide this type of asset. for their customers. “

With Grayscale offering a total of 10 cryptocurrency funds, he nonetheless favored Bitcoin over altcoins. He argued that Bitcoin Cash (BCH) was controversial, simply trying to solve other problems for Bitcoin itself.

“Over time, we don't know who will be the winner,” he said.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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