Michael Sonnenshein, who is the Managing Director of Grayscale Investments, had said that Bitcoin is a store of value. He further said that those who think that they could not buy a cup of coffee with it, are wrong.
Grayscale Investments is currently the world’s largest crypto asset management company. The worth of currently available crypto-assets with the investment company exceed US$ 11 Billion.Sonnenshein had been working as the Managing Director of the investment company for sometime.
The statement of Grayscale’s MD came out when Ray Dalio of Bridgewater Associates had earlier commented upon Bitcoin. In his comment Dalio had said that he does not find Bitcoin an appealing investment product. He also said that Bitcoin isn’t something which gives you much of a choice when it comes to buying something.
Dalio then took his comments on the social media platform and started sharing his opinion about Bitcoin on Twitter. In his tweets he then stated that Bitcoin’s days would not last long. He supported his argument by saying that he is expecting a Government ban on Bitcoin’s trading in the coming years.Dalio further told that he would appreciate if someone could present reasonable arguments so that he can change his opinion.
It seems as if Sonnenshein had issued his statement in response to Dalio’s argument.
In Dalio’s response, Sonnenshein had stated that those who think that they can buy coffee with Bitcoin are misguided completely. It is more of a store for the safekeeping as well as increasing the value of funds, he told. Furthermore, he said that Bitcoin is not a trend which will end with the passage of time. It is rather a living instrument which evolves with the change of time, he explained.
Sonnenshein then highlighted that those who invest in Bitcoin knew that someday their investment would be doubled. He further explained that currently Bitcoin is on the bullish run. Those who had invested 3 months back know how much it worth today. Therefore any argument which does not appreciate the legendary coin’s value and worth, is an absurd argument,Sonnenshein said.
He concluded his statement by advising everyone to treat Bitcoin as a store of value.