investors are not very worried about the sale in the BTC market

Against the background of the ongoing market correction and negative sentiment, the CEO of the company in the field of digital assets Grayscale Investments Michael Sonnenshine assessed the state of BTC

According to him, investors see the sale in the bitcoin market as an opportunity rather than a crisis:

“We need to consider cryptocurrency in the context of what is happening in wider markets. Everyone knows about the rising rates in the US, which have caused significant volatility in many asset classes, including cryptocurrency. However, according to investors, the recent sale did not scare them away. If anything, they see this situation as an opportunity and such a rollback is nothing new in the cryptosphere.”

Sonnenshine noted that bitcoin could inherit gold’s role as a safe-haven asset, but its young age compared to traditional investments means that making direct comparisons can be difficult:

“Our point of view is that bitcoin really looks, feels and acts like digital gold. If you look into the future, then for sure the cryptocurrency will not correlate with other asset classes, although there are only more than 10 years of BTC trading history for analysis. “

Grayscale’s chief executive hopes that eventually governments will provide clear legal guidance for further innovation in the industry:

“Regulating cryptocurrency and the entire ecosystem is of paramount importance. We would like to see the steps taken by the American government, which have already been made by the authorities of Great Britain and recently Germany. Many governments are pushing their cryptocurrency policies and hopefully the U.S. will do the same.

I would like to see the emergence of an appropriate regulatory framework to stimulate innovation, create jobs, products and services. Only in this case will it be possible not to lose our competitive advantage.”