Insights - Grayscale® https://grayscale.com/learn/ Grayscale® | A Leader in Digital Currency Investing Thu, 25 Aug 2022 22:28:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.3 https://grayscale.com/wp-content/uploads/2021/02/v1-grayscale-favicon.svg Insights - Grayscale® https://grayscale.com/learn/ 32 32 Bear Markets in Perspective https://grayscale.com/learn/bear-markets-in-perspective/ Fri, 15 Jul 2022 18:35:12 +0000 https://grayscale.com/?post_type=reports&p=6270 October 31, 2008, a message goes out to the cypherpunk mailing list that reads: I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at: http://www.bitcoin.org/bitcoin.pdf

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October 31, 2008, a message goes out to the cypherpunk mailing list that reads:

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.

 

The paper is available at:

http://www.bitcoin.org/bitcoin.pdf

A few months later, on January 3, 2009, a person or persons using the pseudonym Satoshi Nakamoto initiated the Bitcoin Network. Thirteen years later, Bitcoin has inspired an entirely new industry and a novel asset class worth nearly 1 trillion dollars. While Bitcoin has been called the ‘Best Performing Asset of the Decade’, after gaining more than 40,000,000%1 since inception, the journey has not always been smooth.

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1 Cumulative returns from 7/17/2010 to 7/4/2022 with Bitcoin Price data from Glassnode

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]]> Get Smart on Smart Contract Platforms https://grayscale.com/learn/smartcontracts/ Wed, 30 Mar 2022 20:08:53 +0000 https://grayscale.com/?post_type=reports&p=5724 In 2009, Satoshi Nakamoto created Bitcoin: a decentralized, digital store of value free from the control of central authorities. While Satoshi succeeded in creating the largest decentralized digital monetary network in existence with over $750B in market cap (as of March 18, 2022), many argue that the Bitcoin network lacks programmability and has limited use cases beyond serving as a store of value or facilitating simple peer-to-peer transfers of value. In 2015, the first notable smart contract platform, Ethereum, was launched, creating the foundation for an ecosystem of decentralized applications (dApps) to be developed and unleashing the potential use cases for the cryptocurrency ecosystem.

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In 2009, Satoshi Nakamoto created Bitcoin: a decentralized, digital store of value free from the control of central authorities. While Satoshi succeeded in creating the largest decentralized digital monetary network in existence with over $750B in market cap (as of March 18, 2022), many argue that the Bitcoin network lacks programmability and has limited use cases beyond serving as a store of value or facilitating simple peer-to-peer transfers of value. In 2015, the first notable smart contract platform, Ethereum, was launched, creating the foundation for an ecosystem of decentralized applications (dApps) to be developed and unleashing the potential use cases for the cryptocurrency ecosystem.

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]]> The Postmodern Portfolio Crypto Allocation Thesis https://grayscale.com/learn/postmodern-portfolio-theory/ Thu, 03 Mar 2022 19:21:09 +0000 https://grayscale.com/?post_type=reports&p=5414 The Postmodern Portfolio is an investment thesis for crypto assets and the role they play through an evolution of Modern Portfolio Theory.

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The world has changed since Modern Portfolio Theory first revolutionized asset allocation strategies back in the 1950s. Monetary policy decisions have elevated traditional financial asset valuations across the risk curve. High valuations have exacerbated the problem of falling expected returns. Data from Callan show that investors hoping to make a steady return have had to take on additional risk over the past three decades, including from illiquid private market alternatives with greater portfolio volatility. In our latest report, Grayscale Research explores a framework for asset allocators to use crypto assets as a new portfolio construction tool. We call it Postmodern Portfolio Theory.

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]]> Decentraland https://grayscale.com/learn/decentraland/ Wed, 22 Dec 2021 20:58:51 +0000 https://grayscale.com/?post_type=reports&p=3250 Investments in the metaverse have continued to grow and Facebook’s announcement to shift its focus on the metaverse has sparked a new wave of interest in virtual worlds. While this sector is still in the early stages of growth, it has the potential to transform our increasingly digital lives. As a result, the native tokens and virtual world real estate assets of leading Web 3.0 metaverse economies have been booming.

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Investments in the metaverse have continued to grow and Facebook’s announcement to shift its focus on the metaverse has sparked a new wave of interest in virtual worlds. While this sector is still in the early stages of growth, it has the potential to transform our increasingly digital lives. As a result, the native tokens and virtual world real estate assets of leading Web 3.0 metaverse economies have been booming.


In Decentraland, one of the leading blockchain-based virtual worlds, users can earn MANA (the native token), to purchase LAND, a Non-Fungible Token (NFT) that divides Decentraland into virtual plots. As with physical real estate, the value of real estate in Decentraland is determined by participants in a market economy. Users realize value through a variety of business and leisure use cases, including art galleries, offices, games, casinos, advertising, sponsored content, and music venues.


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]]> 2021 Bitcoin Investor Study https://grayscale.com/learn/2021-bitcoin-investor-study/ Mon, 06 Dec 2021 13:00:00 +0000 https://grayscale.com/?post_type=reports&p=3042 For the third consecutive year, Grayscale surveyed the investor community to explore attitudes and perspectives around Bitcoin. Despite the regular launch of new currencies, Bitcoin continues to pervade discussions among investors, advisors, financial institutions, media, service providers, regulators, and policymakers. Grayscale conducted this third wave of research to assess how perceptions of Bitcoin have shifted since 2019, particularly as it relates to the following topics:

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For the third consecutive year, Grayscale surveyed the investor community to explore attitudes and perspectives around Bitcoin. Despite the regular launch of new currencies, Bitcoin continues to pervade discussions among investors, advisors, financial institutions, media, service providers, regulators, and policymakers. Grayscale conducted this third wave of research to assess how perceptions of Bitcoin have shifted since 2019, particularly as it relates to the following topics:

  • Familiarity with and interest in Bitcoin (and other cryptocurrencies)
  • Profile of investors interested in Bitcoin
  • Aspects of Bitcoin that drive investor interest
  • Barriers to investing in Bitcoin
  • The role Bitcoin plays in one’s portfolio
  • Impact of a Bitcoin ETF

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View the 2020
Bitcoin Investor Study

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View the 2019
Bitcoin Investor Study

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]]> An Introduction to Solana https://grayscale.com/learn/an-introduction-to-solana/ Thu, 02 Dec 2021 19:56:31 +0000 https://grayscale.com/?post_type=reports&p=3059 Solana is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. Solana’s open-source software network coordinates decentralized computers across the globe into a fully unified, user-owned and operated cloud platform. Solana supports high-speed and low-cost transactions on a single-layer blockchain alleviating the need for additional scaling solutions that other networks typically require.

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Solana is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. Solana’s open-source software network coordinates decentralized computers across the globe into a fully unified, user-owned and operated cloud platform. Solana supports high-speed and low-cost transactions on a single-layer blockchain alleviating the need for additional scaling solutions that other networks typically require.
SOL is the native token of the Solana network and represents a piece of ownership in the ecosystem. The SOL token is utilized for (i) powering Decentralized Applications (dApps), (ii) making payments, (iii) paying network fees, (iv) providing network security via staking, and (v) facilitating network governance.
Learn more about the history and defining characteristics of Solana in our report, which is part of the Building Blocks series.

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]]> The Metaverse https://grayscale.com/learn/the-metaverse/ Wed, 24 Nov 2021 21:00:00 +0000 https://grayscale.com/?post_type=reports&p=3023 Crypto cloud economies are the next emerging market investment frontier and the Metaverse is at the forefront of this Web 3.0 internet evolution. The Metaverse is a set of interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds.

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Crypto cloud economies are the next emerging market investment frontier and the Metaverse is at the forefront of this Web 3.0 internet evolution. The Metaverse is a set of interconnected, experiential, 3D virtual worlds where people located anywhere can socialize in real-time to form a persistent, user-owned, internet economy spanning the digital and physical worlds.

The Metaverse is still emerging, but many key components have started to take shape and are revolutionizing everything from e-commerce to media & entertainment, and even real estate. Our Grayscale Decentraland Report and Decentraland Tour make this concept more tangible by introducing one of the leading blockchain-based virtual worlds—Decentraland.

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]]> A Report on Decentralized Finance (DeFi) https://grayscale.com/learn/a-report-on-decentralized-finance-defi/ Wed, 27 Oct 2021 19:08:02 +0000 https://grayscale.com/?post_type=reports&p=2890 Decentralized Finance (DeFi) is an emerging crypto innovation that goes beyond banking and beyond borders to create a new internet-native global financial ecosystem. DeFi has started to reshape global finance and e-commerce, yet the asset category remains mysterious to many investors. Our first Grayscale DeFi Primer offered an overview of DeFi, discussed use cases, and examined the native tokens of several well-known protocols. In this DeFi report, we will take a deeper dive into the financial system powering the Web 3.0 crypto cloud economy.

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Decentralized Finance (DeFi) is an emerging crypto innovation that goes beyond banking and beyond borders to create a new internet-native global financial ecosystem. DeFi has started to reshape global finance and e-commerce, yet the asset category remains mysterious to many investors. Our first Grayscale DeFi Primer offered an overview of DeFi, discussed use cases, and examined the native tokens of several well-known protocols. In this DeFi report, we will take a deeper dive into the financial system powering the Web 3.0 crypto cloud economy.

Download the full Report on Decentralized Finance (DeFi) below.

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]]> An Introduction to Cardano https://grayscale.com/learn/an-introduction-to-cardano/ Wed, 29 Sep 2021 18:32:37 +0000 https://grayscale.com/?post_type=reports&p=2644 Cardano is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. The Cardano open-source software network coordinates a collection of decentralized computers across the globe into a fully user-owned and operated unified cloud platform, and the ADA token represents a piece of ownership in the ecosystem.

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Cardano is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. The Cardano open-source software network coordinates a collection of decentralized computers across the globe into a fully user-owned and operated unified cloud platform, and the ADA token represents a piece of ownership in the ecosystem.

Learn more about the history and defining characteristics of Cardano in our report, which is part of the Building Blocks series:

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]]> An Introduction to Brave https://grayscale.com/learn/an-introduction-to-brave/ Tue, 30 Mar 2021 15:27:00 +0000 https://grayscale.com/?post_type=reports&p=1346 Brave is a privacy-focused internet browser that aims to change the digital advertising relationship with customers.

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Brave is a privacy-focused internet browser that aims to change the digital advertising relationship with customers. Basic Attention Token (“BAT”) is the native token of the platform that is utilized as a payment mechanism between advertisers, publishers, and users.

Learn more about the history and defining characteristics of Brave in our report, which is part of the Building Blocks series:

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