We're just getting started," says Grayscale 's Michael Sonnenshein

[hugeblack]

In the interview that was conducted with @Sonnenshein^[1], Director @Grayscale^[2], when asked about the price, the answer was:

If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started,"

Read it here ---> https://twitter.com/SquawkCNBC/status/1333388578752237570

It looks like we will witness exciting ups and downs in the coming year and it could be a year of surprises just as it did in 2017.

What is your comment on this talk and do you think that they will continue to buy more?


[1] https://twitter.com/Sonnenshein
[2] https://twitter.com/Grayscale

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[Mauser]

In the interview that was conducted with @Sonnenshein^[1], Director @Grayscale^[2], when asked about the price, the answer was:

If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started,"

Read it here ---> https://twitter.com/SquawkCNBC/status/1333388578752237570

It looks like we will witness exciting ups and downs in the coming year and it could be a year of surprises just as it did in 2017.

What is your comment on this talk and do you think that they will continue to buy more?


[1] https://twitter.com/Sonnenshein
[2] https://twitter.com/Grayscale

I didn't see that interview before. Squawk Box is a great show to watch in the morning and always great to have some people on their to promot cryptos. I agree with him that it's hard to say how high bitcoins are going to rise in the near future, but the outlook is definitely positive.

[Upgrade00]

It looks like we will witness exciting ups and downs in the coming year and it could be a year of surprises just as it did in 2017.

I do expect a very interesting 2021, the indicators, halving, demand and supply ratio, increased exposure which we have seen throughout 2020 have all leaned towards more upward price activity next year, and of course there would be shake out periods between these spikes where the price corrects.

What is your comment on this talk and do you think that they will continue to buy more?

I do. 5-6 years ago, most people would have barely been interested in Bitcoin, fast forward to now, even public companies are buying in. However during this period, the fundamentals of Bitcoin has remained exactly the same, what changed was public perception. I would naturally expect that people would continue to buy the more they understand the network and what attracts most is price activity.

[Myfe]

If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started,"

The "IF" word is always a bit suspect. It doesn't lend confidence to the future and every investment advisor knows that past performance isn't indicative off future results. So to say if the high volume of people who bought our product in the past indicate that we'll have a high volume of people buying in the future we should be successful is a simple bit of bullshit.

A better indicator of increased interest is the number of searches for bitcoin in the past 6 months - has it increased? Or the news about retirement plans gaining access to BTC investment. Or how many mainstream news media outlets and sources are talking about Bitcoin. The more press the more the public gets to thinking bitcoin is "Just another investment that's doing really well" as opposed to "some weird tech geek thing".

Regardless, CNBC talking about bitcoin in a positive way is a great thing.

[exstasie]

If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started,"

The "IF" word is always a bit suspect. It doesn't lend confidence to the future and every investment advisor knows that past performance isn't indicative off future results.

As speculators, what else do we have to go off? Trends are all we have. The trend is your friend, as they say.

If there is more and more institutional interest in BTC via Grayscale, would you expect institutional interest to decline all of a sudden? It's possible, but why would you expect that?

A better indicator of increased interest is the number of searches for bitcoin in the past 6 months - has it increased?

Why is it better? And isn't that just another trend that can reverse, just like GBTC inflows?

[Darker45]

I guess so. If investors found reasons to buy Bitcoin during those early times when the space was somehow lonely, then they would definitely find more reasons today. The giants are already inside the arena. The legitimacy of Bitcoin has already been repeatedly sealed when highly respected investors and multi-billion international companies are acknowledging and pouring money into it.

The year 2021 is probably more interesting. The old ATH in 2017 has already been finally shattered so the excitement and anticipation over that are already gone. I can't wait to see more breathtaking surprises of Bitcoin in the coming year.

[Leviathan.007]

Totally agreed, because the Grayscale just start to work and it is still buying buying and collecting bitcoins in the market and hodl to rise the price even higher. This ATH can reach 30K or even higher because Grayscale is kinda backing the price and comparing to the last ATH on 2017, we will see more stable and higher ATH this year. many people think the year after halving of 2020, 2021 won't be a good year for bitcoin. But due to grayscale and other stuff this time won't be the same as 2018.

[NeuroticFish]

Many (including one of the twins) are saying that the current bull run is different. And I tend to agree with them.
The institutional money is here. This is a big deal. The bull run may be longer, higher and may not end as abrupt as the previous one either.
2021 is announced to be nice, to say the least.

[Lucius]

There is not much to comment on other than what is quoted in OP - and that is that if we take into account the interest of those who enter BTC through Grayscale, we are probably just at the beginning of a great interest that will probably continue next year. The last time I looked at the data, Grayscale was very close to a staggering 500 000 BTC in its possession which is really impressive - but some look at such things with a great deal of skepticism, because such large amounts of BTC in one place always leave room for various manipulations or hacking.

What I can agree with is that we are in a completely different situation than it was in 2017, now the game is run by some brand-new players - the only question is whether they see Bitcoin as a long-term investment and store of value, or will decide at some point to profit and thus lower the price.

However, what is still on the side of BTC is halving, and it seems to me that we have not seen the real effects of the same - so we should expect an extremely interesting next year.

[exstasie]

Many (including one of the twins) are saying that the current bull run is different. And I tend to agree with them.
The institutional money is here. This is a big deal. The bull run may be longer, higher and may not end as abrupt as the previous one either.

Could be. That's the basic context for the potential S-curve I've been spamming about for the past couple years. We may be looking at a rise that is both more exponential and more sustained than past cycles, as counter intuitive as that seems:

How does the next bull run differ from the previous bull run? A bull run is all about the rising of prices.

It's a question of magnitude.

Since Bitcoin's price is directly related to adoption, we can think of its price cycle in terms of technology adoption curves. Now if BTC is to become mass adopted, then we're still only in the early adopter phase:



Consider the implications of that. The chart visually shows how the price cycles seen in 2011-2017 may just be tiny blips compared to the mega gains coming during the mass adoption phase.

People around here can barely conceive of > $20K. Let's talk millions USD.

[amishmanish]

The investor sentiment notwithstanding, I don't understand the interviewer discussing bitcoin in the same breath as Ripple. It has pumped and has been in the game for sometime, yet, how is ripple anything more than a centralized settlement layer with its validators and server architecture?

What kind of a world are we moving to if media continues to look at XRP as an alternate of bitcoin? With the advent of so many chains and developer communities, why is XRP still being discussed with its premine and non-existent community in terms of development?

[figmentofmyass]

The investor sentiment notwithstanding, I don't understand the interviewer discussing bitcoin in the same breath as Ripple. It has pumped and has been in the game for sometime, yet, how is ripple anything more than a centralized settlement layer with its validators and server architecture?

What kind of a world are we moving to if media continues to look at XRP as an alternate of bitcoin?

because that's what ripple is selling it as---a distributed ledger and cryptocurrency. CNBC fast money reports accordingly. it's also just how the market perceives altcoins in general, as alternatives to bitcoin. the gauge isn't decentralization, but the use of cryptography and a native token. that's about it!

in practice of course, they're just alternatives in the sense of being different speculative vehicles, not in the sense of substituting for bitcoin's actual use cases like censorship resistance and long term value storage.

[Wind_FURY]

What is your comment on this talk and do you think that they will continue to buy more?

Yes, I believe they will. Especially during the crashes/large dips, and during bear markets. Plus this sounds like a joke, but Bitcoin might just be designed to increase in value for a very very long time. Zoom out.

[Hydrogen]

In the interview that was conducted with @Sonnenshein^[1], Director @Grayscale^[2], when asked about the price, the answer was:

If our inflows at Grayscale are any indication of the types of investors that are interested in this asset class or the sizes of allocations being made, we're just getting started,"

What is your comment on this talk and do you think that they will continue to buy more?

We've recently witnessed a few sharp declines in BTC price. With the more skittish in the cryptosphere claiming bitcoin is a bubble. Others might view questionable news stories and media pushing bitcoin's value down as attacks on crypto and bitcoin. I hope people remember the price of bitcoin was depressed down below $7k before the halving. Not necessarily due to bitcoin being a bubble or any attack. But perhaps to give whale investors a better entry point to buy in and accumulate en masse before the expected big rise.

The same precedent could be applied to recent sharp downtrend spikes in BTC. On one side some will consider it to be an attack or doomsday scenario. On the other, it could simply be whales depressing the price to give themselves a better entry point to buy in and HODL.

[Johnyz]

What is your comment on this talk and do you think that they will continue to buy more?

Yes, I believe they will. Especially during the crashes/large dips, and during bear markets. Plus this sounds like a joke, but Bitcoin might just be designed to increase in value for a very very long time. Zoom out.

They are buying every dip for sure since we saw bitcoin dumps after hitting its all time high and now its rising again, looks like the whales are playing aroun the market well and many might lose the chance again. We have to see bitcoin on a long term trend, and for sure we are not done yet so better to be ready for the future. Despite of the corrections in the past days, Bitcoin manage to bounce back and that's a good signal for the bull trend.

[bekti3]

It looks like we will witness exciting ups and downs in the coming year and it could be a year of surprises just as it did in 2017.

What is your comment on this talk and do you think that they will continue to buy more?


[1] https://twitter.com/Sonnenshein
[2] https://twitter.com/Grayscale

let me assume, after listening to the conversation, I firmly believe that there are massive plans that have been devised in such a way, to welcome a very, very shocking year for them. the impact, I think we will also feel the benefits.

[coin-investor]

I agree that we are just starting and this last halving is the starting point of major changes that's going to happen, couple with news that major companies and institution are embracing Cryptocurrency, something has not happen in the last 3 years, Cryptocurrency is on the best stage of adoption and those who HODL a lot will made the most at this point in time.

[The Sceptical Chymist]

Squawk Box is a great show to watch in the morning and always great to have some people on their to promot cryptos.

Yeah, I used to watch it years ago when I had more money in the stock market but haven't watched it in quite some time.  Amazing that they're covering crypto now--and other mainstream financial media as well.  That's progress.

It looks like we will witness exciting ups and downs in the coming year and it could be a year of surprises just as it did in 2017.

I bet you 2021 is going to be a crazy year for bitcoin, and yes it'll probably be much like 2017 based on where it looks like it's going to end the year at.  But while everyone loves a screaming, raging bull market while it's happening, it can turn into a bubble and pop--just like in 2018.  That worries me, especially with all of this uncertainty in the economy.

In the end, however, bullish statements by Grayscale like this one are pleasing to the ears. 

[tbterryboy]

I guess they just have plans to buy up every Bitcoin in the market? After they buy up most of the cryptocurrencies in the market what are they going to do next? All these institutions are now in a competition to buy huge share of Bitcoin, the news I saw the other says that PayPal 70% of Bitcoin that were mined by miners, and Greyscale is also buying a huge amount, and there are other institutions too that are dragging for a position in the market.

Would have been more better when there are more of individuals buying and making use of it P2P transactions, more of the coins will be circulating.

[sheenshane]

Sonnenshein's interview is already an indication of the positive outlook on Bitcoin and other cryptocurrencies IMO, and I see it as good publicity which could only not bring awareness to people instead it could possibly make people embrace the crypto world.  For me, any interviews or action that denotes the adoption of Bitcoin publicly either via social media or television would bring a good impact in the market.

With this interview I can definitely see that by 2021 crypto world will be more exciting and we could feasibly experience things that we haven't expected to cross along our way.  The All-Time High (ATH) that the most anticipated moment for all crypto holders is probably near since we're almost there and that could be surpassed the previous ATH last year 2017.