Grayscale says demand for bitcoin as an alternative store of value, alongside clearer US rules, could drive the next bull market in 2026.

Macro pressure and store of value demand

On CNBC’s “Crypto World,” Grayscale head of research Zach Pandl said macroeconomic pressure remains the biggest driver.

He pointed to rising government debt, persistent fiscal deficits, and concerns about fiat currency debasement as factors pushing investors toward bitcoin.

Pandl said:

“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.”

Grayscale argued these imbalances are unlikely to fade soon, keeping portfolio shifts in place into 2026.

Regulatory clarity as a second catalyst

Pandl said regulation is the second major driver.

Grayscale expects bipartisan progress on a US market structure bill in early 2026, after delays tied to political gridlock and a government shutdown.

He said the operating environment for US digital asset businesses has improved, but more work remains.

Token issuance and corporate adoption

Pandl said clearer rules could open the door for startups, mature firms, and even Fortune 500 companies to issue tokens as part of their capital structure.

He said token issuance could eventually sit alongside stocks and bonds once legal status is firmly established.

Big Tech and banks in 2026

Separately, Dragonfly managing partner Haseeb Qureshi said a major Big Tech company could integrate a bitcoin wallet in 2026.

He also said more Fortune 100 companies, especially banks and fintech firms, may build private or permissioned blockchains connected to public infrastructure.