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Cryptocurrencies Will Eventually Be in Every Wallet: John Hoffman of Grayscale
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Grayscale Investments highlighted the popularity of cryptocurrency in the United States, pointing out that one in six Americans owns cryptocurrencies at a time when Bitcoin (BTC-USD) (GBTC) (IBIT) (BITO) and other digital tokens have increased in value.
The comment also comes just days after the cryptocurrency startup was funded passed a total of 100 billion dollars, according to data from aggregator DeFiLlama.
“52 million own crypto assets, or one in six Americans,” said John Hoffman, managing director of distribution and partnerships at Grayscale. Looking for the Alpha Investment Summit on Tuesday, and predicted that “over the next 20 years” cryptocurrencies “will be in every wallet.”
The question is not whether cryptocurrencies will remain, but rather what they will be like in the future, Hoffman said, adding that they “are not going to disappear.”
According to the data, the total capitalization of the cryptocurrency market currently stands at $2.32 trillion CoinMarketCap.
The growth of cryptocurrencies can be seen by the infrastructure that is being built and the institutional flow of capital into the segment, added Chris Kuiper, director of research at Fidelity Digital Assets, at the Seeking Alpha Investing Summit.
Earlier this year, the cryptocurrency industry received a boost from the long-awaited decision from the US Securities and Exchange Commission approval of spot bitcoins (BTC-USD) exchange-traded products.
Not long after, bitcoin (BTC-USD) rose to a record high of $73,000 in March, although it has since retreated following its latest halving on April 19, 2024. Halving events reduce the rate at which new coins are created and therefore reduce the amount of new coins available offer.
Seeking Alpha editor Jason Capul contributed to this story