According to two cryptocurrency fund managers, a digital dollar will not doom bitcoin.
According to Grayscale's Michael Sonnenshein and Osprey Funds' Greg King, as central banks throughout the world investigate digitizing their fiat currencies, the move might actually force more investors into crypto.
In a Monday interview on CNBC's "ETF Edge," Sonnenshein, the CEO of Grayscale, stated, "That will not displace or, if anything, grab market share or compete with decentralized currencies like bitcoin."
In a Monday interview on CNBC's "ETF Edge," Sonnenshein, the CEO of Grayscale, stated, "That will not displace or, if anything, grab market share or compete with decentralized currencies like bitcoin."
“I believe it all points to the digitalization of money, which is something that both investors and the typical individual... who isn't in the investing sector can latch onto,” Sonnenshein said.
Grayscale manages the Grayscale Bitcoin Trust (GBTC), the world's biggest bitcoin-based fund, with over $24 billion in assets under management.
While bitcoin has yet to gain widespread acceptance as a payment method, King, the founder and CEO of Osprey, another bitcoin fund provider, believes that its position as a store of value will only grow with the advent of government-backed digital currencies.
Consider the digitization of the world's fiat currency. In the same "ETF Edge" interview, he said, "I actually think that pushes more people into something like a bitcoin because, frankly, that would give governments even more control over their money supply than they already have, and a lot of people get into bitcoin for concerns about that type of control."
In addition to the Osprey Bitcoin Trust (OBTC), King's business also manages the Osprey Algorand Trust, which uses the same technology as the Osprey Bitcoin Trust (OBTC).
Bitcoin seems to have a bright year ahead of it, according to both CEOs, as worldwide use picks exponentially.
Sonnenshein remarked, "I am as encouraged as I've ever been by who's engaging in the ecosystem and to what extent they're participating in the asset class." It remains to be seen what this implies for the price, but I believe institutionalization of this asset class has arrived and is here to stay.
King predicted that bitcoin's "bull market" will continue. We believe it will be higher,” King added. “I believe it will break firmly higher through 40,000 and then continue. We might be in serious trouble if it breaks to the downside. It's bullish in my opinion. But, since we're looking at the medium to long term, this is a fantastic time to buy.
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