Grayscale believes that clearer regulations and a demand for alternative stores of value are two major factors that could lead the crypto market to its next bull run.
Speaking on CNBC’s “Crypto World,” Grayscale’s research chief Zach Pandl said on Monday that the dominant macroeconomic pressure is still the strongest driver.
He explained that rising government debt, continuous fiscal deficits, and worries about the debasement of fiat currency are all factors that lead investors to look for assets outside the traditional ones. “There are a lot of things happening in crypto, but the biggest asset in the market, Bitcoin, is actually driven by demand for alternative stores of value due to debt and deficits and the risk of fiat currency debasement, ” he said.
Grayscale’s 2026 Outlook
Pandl also mentioned that these macro imbalances will remain. And that portfolio shifts will continue until at least 2026. The third key factor of the crypto bull market, Grayscale anticipates that there will be a US crypto market structure bill with a clear regulatory framework for the crypto market by early 2026, after politicking and shutdown delays.
Pandl pointed out that although the bill was not passed in 2025, the momentum has returned and that lawmakers from both sides of the aisle are showing more and more signs of wanting to set clearer federal rules for digital assets.
Also Read: Grayscale Predicts Bitcoin Surging to All-Time High in Early 2026
Regulatory Hope
“We have expanded the operating environment for crypto businesses in the U.S. significantly this year,” he commented. “Unfortunately, there is still a lot of work to be done.” According to Pandl, regulatory clarity could lead young startups, established firms, and even Fortune 500 companies to tokenise their capital structure as a combination of stocks and bonds. Token issuance, he argued, might become a regular financing vehicle once the legal status of digital assets is clearly defined.
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Crypto Mainstream Push
Haseeb Qureshi, a managing partner at Dragonfly, also echoed the sentiment of Pandl. He said that by 2026, a big tech company is likely to have a crypto wallet integrated that will make it very easy for billions of users to onboard. He speculated that a company like Google, Meta, or Apple might start a wallet or acquire one.
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