Grayscale CEO says emerging economies could soon follow El Salvador’s footsteps

The CEO of grayscale shared his point of view on Bitcoin and El Salvador’s Bitcoin law. He explained how the world will adopt bitcoin, no matter what the government action will be. 

Michael Sonnenshein, CEO of Grayscale fund manager company, shared his thoughts on Bitcoin in an interview with Yahoo finance. 

According to Michael, the adoption rate of Bitcoin is rapidly increasing in the regions where economic growth is high, like Africa, Southeast Asia and parts of South America.

Michael believes that the adoption of Bitcoin rate will not go down even if any government will take their action against Bitcoin because the main reason for the surge of the adoption rate is failure or financial services accessibility. And also he believes that control on the fiat currency will not be enough to control people to go for Bitcoin. 

“..gravitation towards Bitcoin regardless of government action in some of these countries because a lot of these citizens either don’t have access to financial services… or perhaps their local currencies have been debased or have been eroded in some way because there hasn’t been enough government control over their local currency.”

Michael also believes that one day in future, all the economies will follow the steps of El Salvador to adopt bitcoin. And the whole emerging market will support Bitcoin. 

“Being a country like El Salvador and actually making Bitcoin a legal tender, I mean that’s an incredible milestone for this community”

Grayscale is a fund manager firm and the firm was launched in 2013. Right now they are famous for their product of GBTC  Bitcoin Investment trust. 

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