Institutional demand for Bitcoin (BTC) is increasing. Investments continue in 2021 as assets under Grayscale’s management reach record levels.
Sonnenshein on CNBC’s Squawk Box He said that the record entries witnessed last year are continuing, and this will be a sign that Bitcoin’s current rise may continue.
Contrary to statements made by government agencies, Sonnenshein argued that regulations were not a concern for investors, but that many investors were satisfied with the provision of adequate regulatory rules.
Sonnenshein said that in general, dialogues start around regulation concerns. “In fact, most of these talks are over the lack of regulatory concerns. Many people are happy with the clarity of the regulator,” he said.
The same week that Tesla invested $ 1.5 billion in Bitcoin, Sonnenshein said that most institutional investors were happy when they started investing in Bitcoin instead of putting all their eggs in one basket.
According to Sonnenshein, the question surrounding Bitcoin is “Why?” instead of “Why not?” changing shape. Elon Musk, who buys Bitcoin, thinks more “visionary” names will follow:
“I wouldn’t be surprised if I see some kind of race right now: Elon Musk, Michael Saylor and Jack Dorsey… You will see many more forward-thinking leaders realizing that there is a transformation from ‘why’ to ‘why not’ in innovative companies.”
The signals look good for 2021, according to Sonnenshein, who said corporate entries have gained momentum since the start of the new year.