Clarification on Cryptocurrencies
MOBILE, Ala. (WALA) - Just in browsing the internet or scrolling through TV or social media channels, it’s been hard to miss seeing something about cryptocurrency. The headlines range from ‘it’s the greatest thing since the internet’ to ‘buyer beware.’ Yet despite all the chatter and headlines, some people still don’t understand it. A Pew Research Center Survey finds three-quarters of Americans who’ve only heard of cryptocurrency don’t trust it and just 17% have invested in, traded or used a cryptocurrency.
Just like every major innovation before it, experts say it’s a wave of the future. But, there’s a lot the average person doesn’t know.
WHAT IS IT? Crypto is an entire industry with multiple companies and use cases, so it can be confusing to really understand what it is and how it works. One use case for digital currencies is as digital money as opposed to cash in hand – that’s not controlled by the government, a bank or financial institution, and is stored in a digital wallet. Another use case is for one specific digital currency, like Bitcoin, as digital gold – something you add to your portfolio to hedge against inflation or other market movements. Others perceive crypto investing akin to investing in early-stage startups.
Whether you’re ready to dive in or just want a better understanding, Grayscale CEO, Michael Sonnenshein, joined us on Studio10 to help explain. Grayscale is the largest digital currency asset manager in the world. Sonnenshein discusses:
•THE BASICS: An explanation of what crypto is, how it works & how to get started
•THE ADVANTAGES: A breakdown of its privacy, money & time-saving features
•WHAT’S ALL THE TALK ABOUT CRYPTO: Going behind the headlines
•SO MANY CHOICES: There are 23,000 cryptocurrencies, like Bitcoin, available. How do you choose wisely?
GUEST BIO:
Michael Sonnenshein is CEO of Grayscale Investments, the world’s largest digital currency asset manager. Under his leadership, the firm has grown to be the definitive leader in crypto investing, offering a wide range of investments including single-asset and diversified products. Michael is regularly featured on CNBC and Bloomberg, and was honored in 2021 as one of 100 People Transforming Business by Business Insider and in 2018 as the publication’s Rising Stars of Wall Street. Michael serves as a member of the Grayscale Board of Directors, CME Group Bitcoin Futures Council, and NYU Blockchain Association.
Prior to joining Grayscale, Michael was a financial advisor at JP Morgan Securities, covering HNW individuals and institutions, and an analyst at Barclays Wealth, providing coverage to middle‐market hedge funds and institutions. Michael earned his Bachelor of Business Administration from the Goizueta Business School at Emory University and his Master of Business Administration from the Leonard N. Stern School of Business at New York University.
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