Grayscale CEO Claps Back At Jamie Dimon For Saying Bitcoin Should Be Banned
Bitcoin is here to stay whether big banking executives like Jamie Dimon like it or not, according to Grayscale CEO Michael Sonnhenshein.
The executive is the face of the company spearheading the world’s largest Bitcoin (BTC) and Ethereum (ETH) investment funds. Grayscale is currently negotiating with the Securities and Exchange Commission (SEC) to approve each fund’s conversion into publicly traded spot ETF products.
Despite opposition, the company won a lawsuit against the government regulator in August in a major step towards doing just that. Yet earlier this week, JPMorgan’s CEO said that if he were in charge he’d close Bitcoin down entirely.
Sonnhenshein responded with understanding, yet dismissal. In a Wednesday interview with Yahoo Finance, he said:
“I think every executive, particularly in the financial services space, is going to have their own opinions on new technologies and whether that’s crypto or Bitcoin specifically. But if you take a big step back, there is no question that this asset class is here to stay, that investor interest in this asset class is only growing.”
After a major rally above $44,000 earlier this week. Bitcoin is up over 160% year to date. Ethereum, meanwhile, is up 96% at over $2,300.
Sonnhenshein highlighted how assets like Bitcoin can “mean different things to different people” – especially in an investment context. While some might buy it as a hedge against inflation and the traditional financial system (much like gold), he believes others may begin flocking to it as a technology investment in a potential low-interest rate environment next year.
If approved as an ETF, Sonnhenshein’s Grayscale Bitcoin Trust (GBTC) is expected to provide a pathway for institutional money to directly invest in
