Grayscale is the largest institutional asset manager in the cryptocurrency space and currently holds approximately 277,000 Bitcoins (BTC) with a value of $ 2.866 billion. The company provides cryptocurrency exposure through its Bitcoin-backed Grayscale Bitcoin Trust (GBTC), its flagship product. It also offers other competing coin trust products, including Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar, Zcash, Ethereum Classic and Horizen.
The company recently released a new overview of its assets under management. Data show that Ethereum and Ethereum Classic are the second and third most popular cryptocurrencies among investors.
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Grayscale Bitcoin Trust was very popular in 2019, when the company stated that the total investment of all products in 2019 reached 607.7 million US dollars, which is higher than all cumulative investments from 2013 to 2018.
The company says well-funded institutional investors are driving most of its growth:
- 71% of investments in 2019 will come from institutional investors;
- The customer base expanded by 24%, and existing customers accounted for more than 75% of the funds raised;
- Now, 36% of Grayscale customers allocate and invest in multiple products in the Grayscale product suite.
At the recent Swiss cryptocurrency financial conference, Grayscale Managing Director Michael Sonnenshein said that institutional funds in the cryptocurrency field have been put in place, and Bitcoin has swallowed the gold market share.
"Cryptocurrencies have a place in the gold market, and Bitcoin or other digital assets are becoming digital value stores. Maybe gold and other things may be the type of investment that has a place in the portfolio when the world becomes more physical For better or worse, I would argue for better-the world has become quite digital. So it's time to start thinking about what constitutes digital value storage, so we start to research things like Bitcoin. "
Looking ahead, Sonnenshein believes that millennials and younger generations will also play a key role in adopting crypto assets.
"In the United States, over the past 25 years, we are looking for about $ 68 trillion, and this money will be transferred from the previous generation, the baby boomer generation, to the millennial and younger generation. We certainly wouldn't say, We think that $ 68 trillion is entering the digital currency. However, we do believe that today's investors need to adjust their portfolios and consider where to go.
The younger generation does not necessarily have the same investment preferences, nor does the same type of investment necessarily resonate with them. So if you grew up in the age of Apple, Venmo, and Bitcoin, you can pay your friends digitally, you can buy flights with miles, no matter what it may be, we will definitely think that digital currency will become Money passes from one generation to the next, and some of its value. " Last December, Charles Schwab released a report showing that Grayscale Bitcoin Trust ranked fifth among its millennial investors, behind Disney and Netflix.