Osprey Funds’ Greg King: Bitcoin (BTC) continues to steamroll forward

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jun 8, 2021
  • Osprey Funds’ and Grayscale’s CEOs recently spoke about the current state of the crypto industry.
  • They noted that Bitcoin is seeing massive amounts of acceptance, from a retail level to entire countries.
  • Despite the previous price dip, the mood in the crypto world is still mostly positive.

Greg King, the CEO of Osprey Funds, recently spoke about the current state of Bitcoin (BTC/USD) and crypto for ETF Edge, alongside Grayscale’s own CEO, Michael Sonnenshein.

King, who was participating in the interview from the Bitcoin conference held in Miami, noted that there is a lot of excitement, which is interesting to see after the recent events regarding the coin’s price. He insisted on the fact that there is a very strong sense of community. While there were reports of people rallying against the Treasury, Elon Musk, and others who opposed or seemed to oppose, BTC in any way — the King reported that the mood is mostly positive.

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One particularly interesting event that took place is that the president of El Salvador, a small country in Central America, stated that he plans to propose a bill that would make Bitcoin legal tender in his country, provided that it gets passed. The claim itself is a huge indicator of the acceptance of BTC, and if it does pass, it might cause a major avalanche of further acceptance by people, companies, and governments.

Grayscale CEO: It is not surprising that struggling countries gravitate towards BTC

Michael Sonnenshein, on the other hand, noted that his company is more used to dealing with institutional investors, funds, and generally a significantly different crowd. He noted that it is not surprising that countries that saw financial struggles would consider turning to digital currency. After all, there are many very stable economies around the world whose central banks are exploring CBDCs.

Meanwhile, Bitcoin comes as an already existing solution, so it is not surprising that it is drawing in those in need of a more practical solution.

The acceptance of BTC is on the rise, overall. King believes that it started back in late 2020, when BTC first broke through its previous ATH of $20,000. From that point forward, corporations like Square, Microstrategy, Tesla, and many others started dealing with crypto. This also attracted insurance firms, asset management groups, and others, all of which are talking about it, if not actively participating in the crypto industry.

Grayscale CEO believes that Bitcoin’s, and crypto’s in general, promised scarcity is what is mostly attracting investors towards digital currencies.

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