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Digital Dollar Won’t Affect Bitcoin’s Market Share

Digital Dollar Won’t Affect Bitcoin’s Market Share
  • CEO Michael Sonnenshein says the digital dollar will not impact Bitcoin.
  • Michael noted bitcoin is appealing to individuals looking to invest in cryptos.
  • CEO Greg King believes digital currencies will push people towards cryptocurrencies.

During an interview on CNBN, Grayscale Investment CEO Michael Sonnenshein said introducing a digital dollar will not impact Bitcoin’s market share. Also, he noted that bitcoin is more appealing for individuals seeking to invest in cryptocurrencies.

According to the CEO, a digital dollar is all about money digitization to serve the average person. However, the potential of making gains will push more people towards bitcoin.

“I actually think we take the opposite view. We’re definitely seeing not only the digital dollar project underway but also seeing a lot of other countries around the world getting into launching their own central bank, digital currencies, or CBD seeds. I think that will not displace or if anything take or market share or compete with decentralized currencies like bitcoin,” said Sonnenshein.

Similarly, Osprey Funds CEO Greg King also said that digitizing money will push people into decentralized cryptocurrencies like bitcoin. In this case, the introduction of CBDC’s could help drive crypto adoption.

In addition, King stated that there are already concerns about governments’ control over central bank digital currencies (CBDC). Lately, different countries have been researching the viability of CBDCs.

Notably, experts have also pointed out China, which is in the advanced stages of rolling out a digital yuan.

Moreover, the Federal Reserve indicated it might need help from Congress before moving on a digital dollar plan. However, lawmakers have shown skepticism towards the idea.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.