Drinking whey. We all know this expression, which means to revel in a particularly satisfying situation. Well, well! That’s exactly what the CEO of Grayscale Investmentsin recent weeks. After a very complicated winter which saw his company on the verge of collapse and its Grayscale Bitcoin Trust taking a serious dive, spring is favorable to Bitcoin. And Michael Sonnenshein welcomes the arrival of the big investment funds on the crypto market. For him, it’s a clear signal that « Bitcoin is no longer a passing fad ». Smile! It’s summertime.
50 shades of Grayscale in just a few months
Flashback to the end of the month of december 2022. The situation is, at that time, catastrophic for Grayscale, whose parent company, the Digital Currency Groupis entangled in the Genesis bankruptcy and is faced with multiple financial problems.
The price of GBTC shows a historic discount compared to the real price of Bitcoin. And some are predicting the end of the beans for the company. Only a few opportunistic – or pragmatic – investors continue to believe, Cathie Wood in the lead. But the doomsayers were wrong again, and Grayscale managed to weather the winter storm with its CEO, Michael Sonnenshein, at the helm.
Seven months later, an eternity in crypto, the flies have changed asses and the good times are back. After peaking at 47%, the discount approaches 25 % following announcements of ETF applications from several traditional financial players. And among all those rushing to the door, it is of course the arrival of BlackRock who animated the discussions.
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BlackRock’s arrival is the signal everyone’s been waiting for
First of all, Michael Sonnenshein confesses to the press The American press considers this announcement to be clearly good news:
« Market participants are reacting favorably to the entry of credible and serious financial institutions into Bitcoin. It’s a trend that lends additional validity to an asset that was once considered a passing fad. »
But even more than the prospect of billions of dollars at crypto’s doorstep, it’s above all Larry Fink’s change of heart which brings a smile to the CEO’s face. Indeed, in 2017, the BlackRock boss described Bitcoin as« money laundering index ». Now it is becoming a form of« digital gold ». As the adverts say, « Only fools don’t change their minds ».and Larry Fink is clearly not one of them, not with 9,000 billion in assets under management.
Finally, beyond the particular case of the New York firm, the CEO of Grayscale notes a real paradigm shift around Bitcoin:
« Recent news of new entrants into Bitcoin more broadly underscores the durability of this asset class, while many investors now see it as a uniquely generational investment opportunity. »
Saying that Michael Sonnenshein is a visionary is perhaps an exaggeration, but he was one of the first to believe in a bright future for Bitcoin. He even one of the forerunners of theETF Bitcoin spot, since the SEC denied him his long before BlackRock, Fidelity and other Valkyries, more than a year ago. The privilege of people ahead of their time.
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