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According to Michael Sonnensheim, CEO of digital asset management giant Grayscale Investments, a central bank digital currency (CBDC) could potentially send Bitcoin (BTC) to new heights, price and adoption wise.
Speaking on CNBC’s Squawk Box on February 2, the Grayscale head made a reference to payments firm PayPal, which supports buying and selling of crypto and that a CBDC could ignite investors’ and business’ interest in the digital asset class. He said:
“The emergence of a digital dollar or a federal-backed digital asset, we actually believe, creates a tailwind for investors to think about decentralized applications so companies like PayPal and others are already including decentralized protocols like Bitcoin and others in their business model. Shedding light on the use of digital assets, we think, is an enablement factor that does give investors more comfort.”
Furthermore, Sonnenshein said he does not believe that CBDCs would be disastrous for firms like PayPal or would wash away cryptocurrencies:
“Not crowding out, but instead actually shedding light on the usage of this technology. It would almost be an enablement factor here to look at the underpinnings of blockchain technology and also shedding light on the difference between federal or fiat-backed assets as well as decentralized assets like Bitcoin.
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New players only. 175% on 1st Deposit + $75 Risk Free BetWe have to remember that a lot of the ethos of this ecosystem is about creating a more inclusive, more equitable financial system and so the more that we see adoption around us, the more that those ideas pervade investors and users.”
In December the CEO said that 2022 can be the year when new technologies in crypto space, when provided with the appropriate regulatory frameworks – can flourish, keeping crypto companies in the United States, and setting a global standard for crypto regulation.”