Barry Silbert, CEO of the cryptocurrency investment firm Grayscale Investments and Digital Currency Group, believes that the United States will not ban bitcoin because it is simply not paying off right now.
In an interview with investor Grayscale on July 16, the CEO said he was “cautiously optimistic” about the chances that US regulation would improve, or at least not worsen cryptocurrency.
“For the first time in history, we have a risk that is perceived as a” bitcoin ban “. There is enough support in DC from policymakers and regulators that Bitcoin has a right to exist and ultimately cannot be shut down. “
The CEO said the relationship with regulators is much better, thanks to efforts by groups such as the Blockchain Association – a group speaking out for many blockchain and cryptocurrency companies ahead of the SEC – and Coin Center, which is a non-profit organization operating on cryptocurrency thing.
“As an industry, we are simply much better off than ever with DC relationships. These two groups educate decision-makers on the benefits of this technology in this asset class. The risk of a catastrophic regulatory policy that might have existed earlier in DC is behind us. “
Grayscale buys Bitcoins
As reported earlier, Grayscale has been very active in purchasing new bitcoins. According to reports from a few weeks ago, 60,000 Bitcoins fell into the company’s “pocket” within 100 days. However, according to recent reports, the company has not purchased any BTC for nearly 3 weeks.
In the first quarter of 2020, Grayscale recorded receipts of $ 500 million, an increase of 100% compared to the previous quarter. Considering the current state of global economies affected by the COVID-19 crisis, the numbers presented are impressive.
80% of the company’s customers, i.e. the vast majority, decided to buy Bitcoin. Other cryptocurrency assets, led by Ethereum (ETH), were also very popular.
In the last year alone, the combined revenues from all products offered by the company have exceeded $ 1 billion. However, the cumulative amount of investments since the company’s inception has increased to USD 1.68 billion.