As you already know by now, the crypto market saw a massive crash recently and investors have been freaking out about it. Check out the latest reports.
The CEO of digital asset titan Grayscale Investments addressed the state of Bitcoin (BTC) as the king coin is dealing with an ongoing market correction and negative sentiment.
Bitcoin price drop is an opportunity
In a new interview with Yahoo Finance at the World Economic Forum conference in Davos, Switzerland, Michael Sonnenshein explained that investors are looking at Bitcoin’s recent sell-off as more of an opportunity than a crisis.
“I think we have to examine crypto in the context of what’s been happening in the broader markets. You’ve seen rising rates in the US [which] has caused a lot of volatility in a lot of different asset classes, crypto along with it.”
He continued and said the following:
“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.”
He also addressed the ways in which Bitcoin on the one hand does mirror gold’s role as a safe-haven asset but he also made sure to say that BTC’s relative youth versus traditional investments means making direct comparisons can be tricky.
“Our standpoint on this is largely when you’re looking at something like Bitcoin, you’re looking at something that for us really does look, feel and act like a 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-plus years of trading history to really examine.”
Regarding Bitcoin’s price, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $29,691.