Earlier today, Vijay Boyapati, a prominent figure in the Bitcoin community and author of the bookMichael Sonnenshein, the CEO of Grayscale Investments, appeared on CNBC’s “Squawk Box” on 18 December 2023, where he shared insights into the cryptocurrency market, focusing on the potential effects of a U.S.-approved spot Bitcoin ETF and the state of lobbying in the crypto sector.
A key point of Sonnenshein’s discussion was the $30 trillion U.S.-advised market, which he believes is eagerly anticipating the launch of a spot Bitcoin ETF sanctioned by the SEC. He highlighted that the approval of such an ETF could lead to a significant flow of investments into Bitcoin, tapping into this enormous market.
The U.S.-advised market, as referred to by Sonnenshein, likely encompasses the portion of the U.S. investment market managed by financial advisors. This segment includes investments handled on behalf of clients by professionals who offer investment advice and manage portfolios. These advisors cater to a diverse clientele, ranging from individual investors to large institutions, and are instrumental in shaping investment choices and strategies.
Sonnenshein also delved into the current lobbying efforts within the cryptocurrency industry. He stressed the necessity of educating regulators and influencing policy-making to foster a crypto-friendly regulatory environment. He mentioned the establishment of a cryptocurrency Super PAC, which aims to sway Congress’s approach to crypto-related legislation.
Regarding Bitcoin’s price trends, Sonnenshein observed that the increase in Bitcoin’s value over the past year was influenced by macroeconomic factors such as inflation and interest rate hikes, as well as micro factors, including Grayscale’s legal triumph. This mix of factors has heightened investor optimism about the future of a spot Bitcoin ETF. As the new year draws near, Sonnenshein noted a growing interest in this development among investors.
Sonnenshein also addressed the negative views on Bitcoin held by prominent figures like Jamie Dimon and some politicians. He acknowledged these viewpoints as challenges but argued that they are separate from the evolving demands of modern investors and the public, who are increasingly seeking access to innovative technologies like Bitcoin.
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