Grayscale CEO presents ‘6 major themes’ in the cryptocurrency market this year
It is predicted that this year, widespread institutional adoption, the introduction of friendly regulations, and the growth of the North American cryptocurrency mining sector will become a reality.
According to Cointelegraph on the 19th (local time), at a recent conference, new CEO Michael Sonenshine Grayscale said, “2021 will be an important year for digital asset investment.” Will lead the way.”
Grayscale, the largest cryptocurrency asset manager in the United States, offers institutional-grade cryptocurrency investment products. As institutional participation increased, assets under management (AUM) exploded from $2 billion at the beginning of last year to $20 billion at the end of the year.
Grayscale CEO, who was appointed this year, explained that △ macroeconomic uncertainty and quantitative easing, △ bitcoin investment by legendary investors and famous brand companies, and △ related regulatory improvements, supported the increase in bitcoin prices last year.
He predicts that this trend will continue this year as more and more investors diversify their investments through bitcoin and other cryptocurrencies. The following are six industrial focus points to note in 2021.
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1) Elimination of career risk related to cryptocurrency investment
2) Raising interest in the investment advisory industry
3) Development of the cryptocurrency mining industry through North America and eco-friendly energy
4) Increase in stablecoin integration
5) Government adoption of digital assets
6) Introduction of new regulations
Career risk refers to the disadvantages that investment professionals get in terms of their careers, such as a decline in trust when investment fails. Because of this, there is a tendency to favor safe assets so that they can be held accountable for surrounding factors rather than their own decisions.
When career risks related to cryptocurrency investment are resolved, experts can jump into investments more casually. It is expected to infuse a positive effect on the inflow of institutions along with the increasing interest in cryptocurrency investment in the investment advisory industry.
Michael Sonenshine explained that the country’s adoption of digital assets also includes conducting a central bank digital currency (CBDC) pilot, and some countries adopting bitcoin as a strategic reserve asset.
In anticipation of the development of the North American mining market, he mentioned the sister company Foundry as the largest cryptocurrency mining company. Digital Currency Group, the parent company of Grayscale and the foundry, invested $100 million in the North American mining sector last year.
Recently, Grayscale is being evaluated as a base for institutional cryptocurrency investment. The proportion of institutions in the last quarter of last year reached 93%.
The grayscale investment fever is still not cool. As of the 19th, assets under management were $28.1 billion. It holds about 3% of Bitcoin in circulation and is affecting the market price.
Earlier, analysts at JPMorgan pointed out Grayscale’s capital inflow as a key factor to exceed $40,000. Diagnosed.
Earlier, Michael Sonenshine said, “We will increase the company’s capabilities to give investors free access to digital assets,” and “We plan to double the number of employees this year and introduce several new products.”
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