Greg King, the CEO of Osprey Funds, recently spoke about the current state of Bitcoin (BTC / USD) and crypto for ETF Edge, along with Grayscale CEO Michael Sonnenshein himself.
King, who participated in the interview at the Bitcoin conference held in Miami, noted that there is a lot of excitement, which is interesting to see after the recent events related to the price of the currency. He insisted on the fact that there is a very strong sense of community. While there were reports of people demonstrating against Treasury, Elon Musk, and others who were or appeared to be opposed to BTC in some way, the King reported that the mood is mostly positive.
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One particularly interesting event that took place is that the president of El Salvador, a small Central American country, declared that he plans to propose a bill that would make Bitcoin legal tender in his country, provided it is passed. The claim itself is a great indicator of acceptance of BTC and, if approved, could cause a huge flood of increased acceptance from individuals, businesses, and governments.
Grayscale CEO: Not surprisingly struggling countries are leaning towards BTC
Michael Sonnenshein, on the other hand, noted that his company is more used to dealing with institutional investors, funds, and a significantly different audience in general. He noted that it is not surprising that countries that saw financial difficulties consider turning to digital currency. After all, there are many very stable economies around the world whose central banks are exploring CBDCs.
Meanwhile, Bitcoin is presented as an existing solution, so it is not surprising that it is attracting those who need a more practical solution.
The acceptance of BTC is increasing, in general. King believes it started in late 2020, when BTC first surpassed its previous ATH of $ 20,000. From that point on, corporations such as Square, Microstrategy, Tesla, and many others began to grapple with cryptocurrencies. This also attracted insurance companies, asset management groups and others, all of whom are talking about it, if they are not actively involved in the crypto industry.
The CEO of Grayscale believes that the promised scarcity of Bitcoin, and of cryptocurrencies in general, is what mainly attracts investors towards digital currencies.
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