CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Grayscale’s CEO is confident about Bitcoin’s performance

| cutline • press clipping |
Classification: IPTC: 04019000IAB-QAG: IAB13-3, IAB13
Please enjoy this #crypto content, Grayscale’s CEO is confident about Bitcoin’s performance Originally reported on coinjournal.net by Hassan Maishera

Bitcoin has lost more than 50% of its value since hitting an all-time high of $69,000 in November 2021.

The cryptocurrency market has been underperforming in recent months. Since hitting an all-time high of $69k in November 2021, Bitcoin has lost more than 50% of its value.

Currently, Bitcoin is trading at around $28k per coin, down by more than 3% over the last 24 hours. 

However, despite Bitcoin’s ongoing price struggle, some market experts believe it will still recover. 

Michael Sonnenshein, the CEO of Grayscale Investments, told CoinDesk TV in a recent interview that he believes Bitcoin will find its footing in the near term. He said;

“I think in the near term, we [crypto] will find our footing. I think that markets will continue to find their footing.”

The collapse of the Terra blockchain and its UST stablecoin has been the major topic of discussion within the cryptocurrency space and beyond over the past few weeks.

Sonnenshein pointed out that the collapse of UST, which was one of the leading stablecoins in the market, meant that all stablecoins remain a concern in the ecosystem even as they remain the backbone of crypto markets. He said;

“Investors are focusing on items like stablecoin governance [and] supply collateral, and over time ensuring that the stablecoins they are involved with are in fact functioning the way they’re designed to do so.”

Grayscale is one of the largest players in the cryptocurrency space and currently has more than $25 billion in assets under management.

The company allows institutional investors to gain access to cryptocurrencies and invest in assets such as Bitcoin and Ether.

Grayscale’s novel product, the Grayscale Bitcoin Trust (GBTC), remains very popular amongst institutional investors. Grayscale is working to turn the GBTC into a Bitcoin exchange-traded fund (ETF).

The company is hoping the United States Securities and Exchange Commission (SEC) approves the conversion of the GBTC into a Bitcoin ETF. However, the SEC has rejected numerous spot Bitcoin ETF proposals over the past few years.

‘News of the Day’ content, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or within categories [NEWSer CHEWSer].

Source Information (if available)

It appears the above article may have originally appeared on coinjournal.net and has been shared elsewhere on the internet, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Grayscale’s CEO is confident about Bitcoin’s performance

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like