30,000,000,000,000 dollars. You don’t write this kind of number every day and you even have to try it several times to be sure that you have written the right number of zeros! But yeah, they’re all there and that’s $30 trillion, or $30,000 billion, and that would be, according to Michael Sonnenshein, an estimate of how much money could flow into spot Bitcoin ETFs from of all wealth managers and various investment funds. In the midst of various reflections on the current situation around Bitcoin, the CEO of Grayscale released this number which has obviously been widely commented on. A look back at his talk on CNBC at the start of the week.
Michael Sonnenshein spoke about the news around Bitcoin
Michael Sonnenshein was therefore the guest of Squawk Box on CNBC at the start of the week and as CEO of Grayscale, which offers GBTC, he was inevitably questioned about the crypto universe and about Bitcoin. Asked why the first cryptocurrency on the market was performing so well in recent months, the CEO first recalled that the macroeconomic situation was currently favorable to it. Between inflation still being high in many economies around the world and central bank interest rates still very high, the idea of considering Bitcoin as a store of value has gained ground and contributes to its high price.
From there to make a price prediction, the boss of GBTC don’t venture there and prefer to kick in! He would prefer to talk about Public Action Committee (PAC) set up with its various crypto partners in the United States in order to try to influence the public debate. The American crypto lobby is structuring itself and intends to put Bitcoin on the debate table between now and the next presidential elections in 2024. But what caused a lot of talk about the televised intervention of Michael Sonnensheinit is indeed this figure of 30 trillion dollars.
$30 Trillion Ready to Land in Spot Bitcoin ETFs, Really?
It obviously concerns the arrival of Spot Bitcoin ETF who would be ready to revolutionize Wall Street according to some! For our witness of the day, many private investment funds, wealth managers and institutional funds would currently prefer to stay away from Bitcoin for different reasons, but all these people would only be waiting for ETFs to rush in. Extract :
“When we consider the approval of spot Bitcoin ETFs, we especially see the opportunity for a portion of the investment community currently excluded from the opportunity to gain exposure to Bitcoin to finally be able to do so. We’re really interested in all these different investors and here in the United States it’s about $30 trillion. »
Michael Sonnenshein on the arrival of spot Bitcoin ETFs – Source: CNBC
While things are clear, he does not necessarily envisage that the entirety of this sum will flow into the Bitcoin nor even in ETFs but this represents the potential financial reserve, and indeed, it’s huge. Of course, to the extent that Grayscale would like to see its GBTC fund transformed into a Bitcoin ETF also in cash, the gentleman is clearly preaching for his parish and would see his fund burst through the ceiling in the years to come, after having nevertheless posted a significant discount he not so long ago.
With this long-awaited arrival of spot Bitcoin ETFs, Grayscale hopes to finally turn the page on a complicated year 2023 which was marked by bickering with Digital Currency Groupits parent company, which is still struggling to get rid of its legal problems.