CEO: New Investors Fueling Bitcoin Rally
Michael Sonnenshein, CEO of crypto investment firm Grayscale, believes that pent-up demand for Bitcoin (BTC) is driving its recent price surge.
Following the approval of Bitcoin exchange-traded funds (ETFs) in January, Sonnenshein says demand that was previously suppressed is now fueling Bitcoin’s rally.
“A lot of pent-up demand based on the spot Bitcoin ETFs is coming to market,” Sonnenshein said. “We’re seeing tremendous flows and investor demand, which is outpacing the supply of Bitcoin coming into the market every day.”
New Wave of Adoption
Sonnenshein believes the spot market BTC ETFs have opened the doors for a new wave of investors to accumulate Bitcoin.
“We’re just at the tipping point,” he said. “There’s over $40 trillion of advised wealth in the US that largely has not been participating in Bitcoin or crypto assets. We think we’re in the early innings of this.”
Bitcoin Price on the Rise
At the time of writing, Bitcoin is trading at $61,885, an increase of about 26% from its price when the ETFs were approved.
