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.
Zach Pandl said.
Grayscale expects clearer rules to reduce uncertainty for crypto businesses.
Pandl said regulatory clarity could unlock broader participation from traditional companies.
He suggested startups and established firms may issue tokens alongside shares and bonds.
Token issuance could become a standard part of corporate capital structures.
Pandl said legal certainty is essential before that shift can occur.
Other industry leaders have echoed Grayscale’s outlook for 2026.
Dragonfly managing partner Haseeb Qureshi said major technology firms may accelerate adoption.
Qureshi said a Big Tech company could integrate a crypto wallet in 2026.
He suggested such a move could onboard billions of users globally.
Companies such as Google, Meta, or Apple were cited as potential candidates.
Qureshi also expects more large financial institutions to develop blockchain infrastructure.
He said banks and fintech firms may build private or permissioned blockchains.
These systems are expected to remain connected to public networks.
Infrastructure such as Avalanche and modular stacks like OP Stack and ZK Stack may support them.
Several banks have already experimented with blockchain technology.
JPMorgan, Bank of America, and Goldman Sachs have built internal blockchain systems.
Most of those systems remain limited or experimental in scope.
Analysts say combined macro and regulatory forces could define the next crypto cycle.
Industry participants are increasingly positioning for a longer-term structural shift.
At the time of reporting, Bitcoin price was $88,591.66.