Despite the recent cryptocurrency market sell-off, optimism is still very high among some of the crypto’s top figures, including Mike Sonnenshein, the CEO of the crypto asset management company Grayscale.
In an interview with Yahoo! Finance published on May 24, Sonnenshein said that crypto had to be examined “in the context of what has been happening in the broader markets.” He explained that the rising rates in the United States have caused a lot of volatility among different asset classes – crypto along with it.
However, as he reasoned: “The recent sell-off, though, from what we’re hearing from investors, has not deterred them. If anything, they’re looking at it opportunistically and a pullback like this is nothing new in the crypto space.”
In terms of alignment of crypto with other financial assets, Sonnenshein said that when looking at something like Bitcoin and something that feels and acts like digital gold:
“If you look out over a longer time horizon, you will see crypto being uncorrelated to other asset classes, although oftentimes it is scrutinized because we do only have the last 10+ years of trading history to really examine.”