Crypto Crash Isn’t Slowing Crypto Investors Down, Says Grayscale CEO

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Mike Sonnenshein, CEO of crypto asset management firm Grayscale, said that despite significant losses in crypto, the recent selloff has “not deterred” crypto investors.


Key points

  • In a recent interview broadcast with Yahoo! Finance, the CEO of crypto asset management firm Grayscale, Mike Sonnenshein, said his company is seeing optimism among crypto investors.
  • This may seem counterintuitive since the value of the total cryptocurrency market reached nearly $3 trillion at its peak in November 2021 and today its price is $951.26 billion.

Midway through 2022, the volatility and valuation losses on cryptocurrency exchanges, digital wallets, and the crypto industry have been nothing short of mind-blowing. Especially when you consider that according to CoinMarketCap today, the total market for the crypto market is valued at just $951.26 billion, which is a drop of almost 70% from over $2 trillion. dollars from its all-time high just seven months ago.

And yet, hope seems to spring eternally for some.

Grayscale CEO Says Crypto Investors Have a Long-Term Horizon

In a recent broadcast interview, Mike Sonnenshein, CEO of cryptocurrency asset management firm Grayscale, told interviewers that true supporters of established crypto projects such as Bitcoin and Ethereum are unfazed by the action. short-term prices.

“If you look over a longer time horizon, you will see that crypto is not correlated to other asset classes, although it is often scrutinized as we only have the past 10+ years of history. business to really look at,” Sonnenshein said.

He even went so far as to say that Grayscale customers are generally optimistic about the underlying fundamentals and expansion of use cases for blockchain and cryptocurrencies in particular.

“The recent selloff, however, from what we hear from investors, has not deterred them. On the contrary, they are looking at it opportunistically and a pullback like this is nothing new in the crypto space. “Sonnenshein said.

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Sonnenshein also noted that the crypto market downturn is not isolated to digital assets, as it reflects macroeconomic conditions affecting all asset classes across the board.

Only time will tell if optimistic and forward-thinking crypto investors are right to look to a brighter crypto future, or if the crypto winter will last.

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