The leading cryptocurrency investment firm Grayscale announced that its founder Barry Silbert would no longer serve as the firm’s Chief Executive Officer. Silbert will instead focus on presiding over Grayscale’s parent company, the Digital Currency Group. The former managing director, Michael Sonnenshein, will succeed him as the firm’s chief executive officer. The CEO appointment’s news was confirmed in a report by Coindesk, another subsidiary of Digital Currency Group.
Sonnenshein previously worked as an analyst at the Bank of America.
Michael Sonnenshein previously worked as an analyst at Barclays and the Bank of America. The newly appointed CEO of Grayscale also had a brief stint as an associate at JP Morgan before joining the world’s largest digital currency asset manager in 2014. In his first year at the firm, he served as an accountant executive before moving to a director role, where he stayed for three years. Sonnenshein was promoted to become managing director at the beginning of 2018 – a position he occupied until he was appointed chief executive yesterday.
Institutional interest in bitcoin continues to grow.
Currently, the leading cryptocurrency bitcoin price is skyrocketing as it crossed above $40,000 for the time earlier today. One of the main reasons for the mammoth rally is considered to be the increasing institutional interest in bitcoin. Bitcoin’s advance also reflects increasing expectations of it becoming a mainstream payment method, with PayPal opening its network to cryptocurrencies. High profile investors like Paul Tudor Jones, for example, have been buying bitcoin. Many bitcoin bulls say the cryptocurrency is akin to “digital gold,” a potential safe-haven asset and a hedge against inflation. As reported earlier, Dave Chapman, Executive Director at Hong Kong-based digital asset company BC Group, said that institutional investors see the potential for greater risk-adjusted returns compared to traditional investments.