Grayscale "Store-of-value demand·regulatory clarity to drive Bitcoin bull market in 2026"

Amid ongoing macroeconomic uncertainty, an analysis suggested that expanded store-of-value demand and improvements in the regulatory environment could lead a crypto asset market bull run in 2026.

On the 30th, according to crypto-focused outlet Cointelegraph, asset manager Grayscale said in a recent market outlook that "the next phase of the crypto market will likely be determined by the macro environment and regulatory clarity."

Jack Fendler, head of research at Grayscale, appeared on CNBC's "Crypto World" and pointed to macroeconomic pressures as the fundamental background for demand centered on Bitcoin (BTC). He said, "As concerns grow over rising government debt, chronic fiscal deficits, and the dilution of fiat currency value, investors are looking beyond traditional assets for alternative store-of-value means."

Fendler explained Bitcoin's role more directly. He said, "Although many things are happening in the crypto market, the key driver moving Bitcoin—the market's largest asset—is store-of-value demand in response to debt, deficits, and the risk of fiat currency depreciation." He added, "These macro imbalances are unlikely to disappear in the short term," and "the flow of portfolio reshuffling could continue through 2026."

Improvements in the regulatory environment were also presented as another pillar of a bullish scenario. Regarding legislative discussions on crypto in the United States, Fendler said, "The operating environment for crypto firms in the U.S. has improved considerably this year," while noting that "there is still a way to go." He forecasted, "If clear federal rules are established, the scope of activity for the crypto industry could be much broader than it is now."

He specifically predicted that regulatory clarity could structurally change the token issuance market. Fendler said, "If legal status becomes clear, not only startups but also mature companies and even large listed firms could use tokens alongside stocks and bonds as part of their capital structure," adding, "Token issuance could become one of the standard fundraising methods."

A similar outlook came from the venture capital industry. Hasib Qureshi, managing partner at Dragonfly, said, "Around next year there is a possibility of big-tech companies entering the crypto market," noting that "if major tech companies integrate crypto wallets, hundreds of millions or even billions of users could be onboarded at once." He mentioned the possibility of Google, Meta, and Apple directly launching wallets or acquiring related companies.

It was also suggested that large financial firms, centered on banks and fintech companies, may build their own blockchains. These networks could take private or permissioned forms while linking to public blockchains, and through this, the integration of existing financial infrastructure with the crypto ecosystem could accelerate.

The outlet said, "The market is watching whether regulatory clarity can lift these moves from one-off experiments to full-scale commercial deployment."