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Chief Executive Officer of Grayscale, Michael Sonnenshein, is acknowledging a trend where emerging nations are gradually being drawn towards Bitcoin. Commenting on Bitcoin made legal tender in El Salvador, he called this “an incredible milestone for the (Bitcoin) community”.
Appearing in a Yahoo! Finance interview on Thursday, the CEO of the crypto investment firm believes adoption will take a surge as certain regions of the world have started embracing Bitcoin. And this will only continue ‘with or without’ country governments’ involvement.
“When we think about where adoption rates are taking place, they are highest in the emerging markets, in places like Africa, Southeast Asia and parts of South America.
But certainly, we’re seeing a gravitation towards Bitcoin regardless of government action in some of these countries because a lot of these citizens either don’t have access to financial services… or perhaps their local currencies have been debased or have been eroded in some way because there hasn’t been enough government control over their local currency.”
Sonnenshein stressed that it was in his firm’s line of expectations that an emerging market, like El Salvador this week, would one day support Bitcoin and that similar economies could soon follow in its footsteps.
“Being a country like El Salvador and actually making Bitcoin a legal tender, I mean that’s an incredible milestone for this community.
We’ve long believed that the emerging markets would be an important place where we’d see Bitcoin adoption, and I think we’re going to see a knock-off effect of other countries also considering this.”
Grayscale manages the Grayscale Bitcoin Investment Trust (GBTC), which launched in 2013. The Trust is an ideal investment opportunity for people who want exposure to Bitcoin in their portfolios but want to mitigate some of the risks and hassle that come from holding or managing the cryptocurrency. Most notably, the holding and securing of private keys. GBTC closely follows the price of Bitcoin. Morgan Stanley recently revealed to hold 6.5 million shares in the Trust.