Michael Sonnenshein, the CEO of Grayscale, the world’s largest investment firm, believes that the US Bitcoin ETF will certainly be approved. But, it is only a matter of time.
It is worth mentioning, that although the US Securities and Exchange Commission has not approved a single BTC ETF application, the CEO of Grayscale believes it is a question of “when, not yes.”
«It is a question of when. We are 100% committed to turning GBTC into an ETF».
Who is Michael Sonnenshein?
In particular, Michael Sonnenshein incorporated to Grayscale in January 2014 as an account executive. During this long period, he worked his way through various high-level positions at the firm. Culminating in the position of managing director. Currently, being the successor of Barry Silbert.
Prior to Grayscale, Michael Sonnenshein was a financial advisor at JPMorgan. And, as an analyst at Barclays and Bank of America.
To this end, on a recent episode of CNBC’s Squawk Box show, Grayscale CEO Michael Sonnenshein shared his positive stance on the future of the Bitcoin ETF in the United States.
In fact, he believes that this is “really a question of when, not a question of yes.” And he explained why Bitcoin’s volatility doesn’t matter much to investors.
In the same vein, Sonnenshein affirms that the company is “100% committed” to the transformation of its Bitcoin product, the Grayscale Bitcoin Trust (GBTC), into an ETF.
Indeed, Sonnenshein believes that all regulators should approve the creation of this product in the United States, so that the market is more mature and it will eventually happen.
«We are looking for a couple of different maturation points in the underlying market. Those are the final stages of what regulators need to approve those types of products.».
Who is to blame for the Bitcoin price drop?
Incidentally, Joe Kernen, co-host of Squawk Box, sought Michael Sonnenshein’s opinion regarding the recent Bitcoin price drop. Indicating, if regulators around the world or China are to blame for it.
In this regard, the CEO of Grayscale, indicated that the Bitcoin ecosystem has continued to face challenges throughout the years. And that he saw the recent ban imposed by the Chinese government as a positive thing.
Affirming that mining distribution around the world has improved: «Miners have been leaving China for Canada, Kazakhstan, the United States, and other jurisdictions. Instead of meeting in China, which has been hostile to Bitcoin since 2017».
As a fun fact, Michael Sonnenshein recalled that Bitcoin investors are not here to make a quick buck. If not, they plan to keep it in the medium and long term. So volatility doesn’t matter much to them.
Grayscale’s partnership with BNY Mellon
For his part, Michael Sonnenshein recalled that last week, Grayscale signed a partnership with the Bank of New York Mellon, which will now provide services for GBTC.
In particular, Grayscale announced that it chose BNY Mellon as the asset service provider for its Bitcoin Trust (GBTC), a major digital currency investment product that provides indirect exposure to Bitcoin. As part of the agreement, BNY Mellon will provide the GBTC with accounting and fund management beginning October 1, 2021.
In short, Michael Sonnenshein, made the following comment: «Engaging BNY Mellon is an important milestone as part of our commitment to converting the Grayscale Bitcoin Trust to an ETF».
I say goodbye with this phrase from Isaac López: «The past limits us, but the future frightens us. The only safe place is the present».