Bitcoin Has ‘Solidified Role’ as Investors’ Digital Gold — Grayscale

Bitcoin (BTC) has “solidified” its role in the world economy as both a store of value and “digital gold,” the head of the world’s largest BTC fund has said.

Speaking in an interview with financial news magazine The Compound on March. 2, Michael Sonnenschein, managing director of Grayscale Investments, said Bitcoin was in a new investment era.

Grayscale: institutions think BTC is a “flight to safety”

In complete contrast to even two years ago, in 2020, institutional investors consider it necessary to have the cryptocurrency in their portfolios.

“Bitcoin itself has solidified its role as a store of value or as a digital gold,” he said.

“So I talk to an institution, they now look at Bitcoin as part of the same flight to safety as they might look at bonds or gold or other things that have served in that capacity for them, and that wasn’t a widely-held narrative probably until about the last 12 or 18 months.”

In 2019, Grayscale’s Bitcoin Investment Trust (GBTC) was…