Grayscale Says U.S. Midterms Won’t Shift Crypto’s Global Course

Grayscale estimates that the United States accounts for 15% to 20% of worldwide crypto activity and says midterm results are unlikely to change the industry’s direction, given its global reach and cross-party support.

The firm’s estimate places 80% to 85% of activity outside the United States. Its U.S. share varies by measure: 36% of global Bitcoin (BTC) hashrate, 24% of stablecoin payment value and 15% of spot trading volume. Grayscale also considers on-chain activity in its estimate.

Grayscale Head of Research Zach Pandl points to the industry’s global reach, institutional adoption and support across party lines. The firm’s view is that crypto will continue to develop regardless of the midterm result.