Seeking Alpha 2024-06-18 14:22:57

Crypto eventually going to be in every portfolio: Grayscale's John Hoffman at SA Investing Summit

Grayscale Investments highlighted the popularity of cryptocurrency in the U.S., noting that one in six Americans own crypto assets at a time when bitcoin ( BTC-USD ) and other digital tokens have surged in value. The comment also comes just days after cryptocurrency startup funding surpassed a total of $100B, according to data from aggregator DeFiLlama. "52M own crypto assets, that’s one in six Americans,” John Hoffman, managing director of distribution & partnerships at Grayscale, said at the Seeking Alpha Investing Summit on Tuesday, and predicted that "over the next 20 years" crypto is "going to be in every portfolio." The question isn’t whether crypto is going to stay, but rather what it is going to look like in the future, Hoffman said, adding that it was "not going away." The total crypto market cap currently stands at $2.32T, according to CoinMarketCap . The growth of crypto can be seen by the infrastructure that is being laid out and the institutional flow of capital into the segment, Chris Kuiper, director of research at Fidelity Digital Assets, added at the Seeking Alpha Investing Summit. At the start of this year, the crypto industry received a shot in the arm from the U.S. Securities and Exchange Commission's long-awaited approval of spot bitcoin ( BTC-USD ) exchange-traded products. Not long after, bitcoin ( BTC-USD ) surged to a record high north of $73,000 in March, though it has since retreated after its last halving on April 19, 2024. Halving events reduce the rate at which new coins are created and thus lower the available amount of new supply. Seeking Alpha editor Jason Capul contributed to this story More on Bitcoin and Crypto Crypto funds log largest weekly outflows since March - report JPMorgan casts doubt on sustainability of strong cryptocurrency inflows Still Misperceived? A Fresh Look At Bitcoin Volatility Seeking Alpha community still gun-shy of crypto Ether 2030 Price Target And Optimal Portfolio Allocations