Grayscale has outlined factors it believes could fuel the next major cryptocurrency bull market in 2026.
The asset manager pointed to growing demand for alternative stores of value amid global macroeconomic pressure.
Grayscale head of research Zach Pandl said rising government debt and fiscal deficits are central drivers.
He said concerns over long-term fiat currency debasement are reshaping investor behaviour.
The biggest asset in the market, Bitcoin, is driven by demand for alternative stores of value because of debt and deficits and the risk of fiat currency debasement.
Zach Pandl said.
Pandl said these macroeconomic imbalances are unlikely to ease in the near future.
He added that portfolio shifts toward digital assets could extend well into 2026.
Grayscale believes regulatory clarity will act as a second major catalyst for growth.
The firm expects renewed bipartisan momentum on US crypto market structure legislation.
Pandl said progress could come in early 2026 after delays linked to political gridlock.
He noted that a government shutdown contributed to legislative setbacks in 2025.
We’ve come a very long way this year in terms of the operating environment for businesses in crypto in the United States, however there is still a long way to go.