The winter chill that dragged digital assets down during most of the hot summer months is finally beginning to lift, with the price of Bitcoin surging about 20 percent last week, its strongest three-day rally since 2023. Suddenly, the obituaries of the last few months are turning into rebound stories, but both of these narratives obscure what’s really going on. Simply put, market watchers are failing to see the forest—the long-term rise of digital assets—and are instead fixated on the trees, which are represented by short-term price swings.
I spent 20 years at traditional asset and wealth management firms, including BlackRock, Apollo, and Goldman Sachs, before joining Grayscale two years ago. During that time, I observed a…
