Michael Sonnenstein, CEO of Grayscale, the world’s largest investment firm, believes a Bitcoin ETF in the US will definitely be approved. But this is only a matter of time.
It’s worth noting that while the US Securities and Exchange Commission has not approved any BTC ETF applications, the Grayscale CEO believes this is “when, not yes.”
The question is when. We are 100% committed to turning GBTC into ETF.
Who is Michael Sonnenstein?
Specifically, Michael Sonnenschein joined Grayscale in January 2014 as Account Manager. During this long period, he held various senior positions in the company. Culminating as CEO. He is currently the successor to Barry Silbert.
Prior to Grayscale, Michael Sonnenstein was a financial advisor at JPMorgan. And as an analyst at Barclays and Bank of America.
To that end, on a recent episode of CNBC’s Squawk Box show, Grayscale CEO Michael Sonnenstein shared his positive stance on the future of Bitcoin ETFs in the United States.
“The #Bitcoin ETF here in the US is really about when, not when,” said @Sonnenshein of @ Grayscale. “We are looking for several different ripening points in the underlying market. These are the final stages of what regulators need to approve these types of products. ” pic.twitter.com/GsH0fdm0Xf
– Squawk Box (@SquawkCNBC) July 19, 2021
In fact, he believes it is “really a question of when, not a question of yes.” And he explained why Bitcoin’s volatility doesn’t matter much to investors.
Likewise, Sonnenstein says the company is “100% committed” to converting its Bitcoin product, the Grayscale Bitcoin Trust (GBTC), into an ETF.
Indeed, Sonnenshein believes that all regulators must approve the creation of this product in the United States for the market to mature, and that will eventually happen.
“We are looking for several different ripening points in the underlying market. These are the final stages of what regulators need to approve these types of products. “
Who is to blame for the fall in the price of bitcoin?
Incidentally, Joe Kernen, co-host of Squawk Box, asked Michael Sonnenschein’s advice regarding the recent drop in bitcoin prices. Indicating whether the regulators of the world or China are to blame.
In this regard, the CEO of Grayscale indicated that the Bitcoin ecosystem continues to face challenges over the years. And that he sees the recent ban imposed by the Chinese government as positive.
A statement that the distribution of production around the world has improved: “Miners have left China for Canada, Kazakhstan, the United States and other jurisdictions. Instead of meeting in China, which has been hostile to Bitcoin since 2017. ”
Fun fact, Michael Sonnenstein recalled that bitcoin investors are not here to make money fast. Otherwise, they plan to keep it in the medium to long term. Therefore, volatility is not very important for them.
Grayscale partnership with BNY Mellon
For his part, Michael Sonnenstein recalled that last week Grayscale signed a partnership agreement with Bank of New York Mellon, which will now provide GBTC services.
Specifically, Grayscale announced that it has selected BNY Mellon as the service provider for its Bitcoin Trust (GBTC), a major digital currency investment product that provides indirect exposure to Bitcoin. As part of the deal, BNY Mellon will provide GBTC with accounting and fund management from October 1, 2021.
Finally, Michael Sonnenschein commented, “The BNY Mellon commitment is an important step in our quest to transform the Grayscale Bitcoin Trust into an ETF. “
I say goodbye to this phrase of Isaac Lopez: “The past limits us, but the future scares us. The only safe place is the real one.