Demand for alternative stores of value and clearer regulation are driving what could become crypto’s next bull market, according to Grayscale.
Speaking on CNBC’s Crypto World, Grayscale’s head of research Zach Pandl said Monday that the strongest driver remains macroeconomic pressure. Rising government debt, persistent fiscal deficits, and concerns over fiat currency debasement are pushing investors to look beyond traditional assets.
“There’s a lot of things happening in crypto… but the biggest asset in the market, Bitcoin, is driven because of demand for alternative stores of value because of debt and deficits and the risk of fiat currency debasement,” he said.
Pandl added that these macro imbalances are unlikely to fade in the near term, meaning the portfolio shifts should continue into 2026.
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Grayscale expects more regulatory clarity in 2026
The second major driver of the crypto bull market is regulation. Grayscale expects bipartisan progress on a US crypto market structure bill in early 2026, following delays caused by political gridlock and a government shutdown. While the legislation did not pass in 2025, Pandl said momentum has returned, with lawmakers on both sides showing interest in establishing clearer federal rules for digital assets.
“We’ve come a very long way this year in terms of the operating environment for uh businesses in crypto in the United States. However, there is still a long way to go,” he said.
Pandl claimed that regulatory clarity may allow startups, mature firms, and even Fortune 500 companies to issue tokens as part of their capital structure, alongside stocks and bonds. He said token issuance could become a standard financing option once the legal status of digital assets is firmly established.
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Big Tech, banks to push crypto adoption in 2026: Dragonfly
Echoing comments from Pandl, Dragonfly managing partner Haseeb Qureshi has said that a major Big Tech company is likely to integrate a crypto wallet in 2026, potentially onboarding billions of users. He speculated that firms such as Google, Meta, or Apple could launch or acquire a wallet.
Qureshi also expects more Fortune 100 companies, particularly in banking and fintech, to build their own blockchains. These networks are likely to be private or permissioned while remaining connected to public chains, using infrastructure such as Avalanche and modular stacks like OP Stack and ZK Stack.
Several large financial institutions, including JPMorgan, Bank of America, and Goldman Sachs, have already built private blockchain systems, though most remain limited or experimental.
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