Mai Capital Management’s chief equity strategist and regional president, Chris Grisanti, has predicted that this year will be tough for crypto largely due to regulations. However, he expects established cryptocurrencies, such as bitcoin and ether, to “do quite well” once regulations come into focus.
Crypto predictions of the equity strategist
Chris Grisanti of Mai Capital Management shared his outlook for the cryptocurrency market in an interview with CNBC on Thursday. Grisanti, CFA, is Chief Equity Strategist and Regional President of Mai Capital Management, a wealth management firm that provides investment planning and advisory services.
Noting that crypto is “almost a victim of its own success,” Grisanti detailed:
I think it’s going to be a tougher year for crypto… There will be calls for regulation from everywhere – from China, Europe and here in the United States.
Nonetheless, the equity strategist sees some cryptocurrencies coming out ahead. “I do think there will be a great winnowing as well. I think the more established coins like bitcoin and ethereum will do quite well after regulations come into focus,” he described.
The strategist elaborated:
Once the regulations are in place, institutional investors, I think, will be more comfortable treating bitcoin not like a currency but like gold, which is a hedge against inflation and other things. .
A recent survey by Nickel Digital Asset Management, a regulated European digital asset hedge fund manager, also shows that institutional investors are optimistic about more regulation coming to the crypto industry.
Commenting on granting the United States Securities and Exchange Commission (SEC) more powers to regulate the crypto space, “73% of institutional investors and wealth managers believe this will have a positive impact on the price of crypto and digital assets and 32% think so. will have a very positive effect.
