• Sun. Dec 22nd, 2024

Bitcoin Breakout Above $20k is Just a Start, Claims Managing Director of Grayscale

Hassan Mehmood

ByHassan Mehmood

Dec 17, 2020

As Bitcoin breaks above the most crucial resistance of $20,000, the managing director sees it as a normal thing and claims these are early days as there is a lot more for investors.

AUM: $14 Billion

After the world’s leading digital currency topped $24,000 over trading sites, Grayscale reached $14 billion in assets under management. Due to an exponential surge in the price value, the digital assets management firm also witnessed a 7-fold increase in value.

Before jumping above $20k, Bitcoin faced many rejections over a period of several days. Some market observers believed crypto whales did not want it to go above $20k because it would activate regulatory firms in looking after the digital space sector. Michael Sonnenshein, managing director at Grayscale Investments, elaborated the current market condition in a very peaceful way. According to him, it is not a surprise to see Bitcoin breaking above $20k because it was expected. He even labeled it a “coming of age.” Sonnenshein said:

“The sustained growth of bitcoin and other digital currencies this year is a reflection of this ‘coming of age’ story for the asset class, showing the long term staying power and growing investment interest from mainstream investors and institutions alike.”

He further said that it is just a start, and Bitcoin has a long distance to cover from retail traders to institutional investors. “Remember, these are just the early days, and we think there’s a lot more runway to go,” the managing director added.

Since the beginning of the year, the giant investment firm has witnessed a big investment inflow into Bitcoin Trust and Ehereum Trust. In the recent quarter, it has expressed an outstanding growth as the value of assets under management has broken new records.

As per yesterday’s report of Grayscale, the assets under management have reached a total of $13.7 billion. In his recent talk over CNBC, the investors interested in the top digital asset are very serious about it and are “unlike any of the investors we have seen ever before.”

As compared to the last year, the company has witnessed 6 times more growth and development. Sonnenshein did not give his BTC prediction for the future because it is “very difficult to put a price tag” in the coming months.

More institutional investment is coming as various companies have expressed their intention to invest in Grayscale’s products.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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