Grayscale expects Bitcoin to reach a new all-time high in the first half of 2026, supported by a friendlier regulatory environment and weaker major currencies.
Speaking to CNBC, Zach Pandl, Grayscales head of research, said ongoing regulatory progress and macroeconomic shifts could significantly strengthen the crypto market over the next year.
He argued that clearer rules for digital assets, combined with pressure on fiat currencies, will increase demand for Bitcoin and other cryptocurrencies as alternative stores of value.
Crypto has advanced rapidly in recent years, narrowing the gap with traditional finance through milestones such as the approval of exchange-traded funds (ETFs) and new federal legislation like the GENIUS Act. However, Pandl said broader market structure reform remains unfinished business.
According to Grayscales 2026 digital asset outlook, a bipartisan market structure bill is the next major step. After delays linked to a government shutdown and political gridlock in 2025, Pandl expects the bill to clear the Senate early in 2026.
It looks like we are on track in January or in Q1, he said. Even if it doesnt get done immediately bipartisan progress is really the key.
Pandl said such legislation would allow companies, from startups to large corporations, to issue tokens as part of their capital structures alongside traditional securities, potentially accelerating institutional and corporate adoption of digital assets.
He also highlighted the broader macroeconomic backdrop as a key driver for Bitcoins price outlook.
Despite Bitcoins weaker performance in the second half of 2025, Grayscale forecasts a reversal in 2026. Pandl expects a combination of U.S. dollar softness, Federal Reserve interest rate cuts, and strength in traditional safe-haven assets to support digital assets.
I think [2026] will be a year of dollar weakness, Federal Reserve rate cuts, and strength in gold, silver as well as Bitcoin, Ether, and some other crypto assets as digital stores of value. All of these should benefit from the macroeconomic climate were living through, he said.
He added that regulatory clarity is likely to accelerate the rollout of ETFs and other investment products that provide exposure to a broader range of cryptocurrencies, further deepening market access for both retail and institutional investors.
As the market evolves, Pandl expects some recent trends to lose prominence. He cited digital asset treasuries (DATs) public equity vehicles that hold crypto assets as an example.
DATs saw strong interest in 2025, but Pandl does not expect them to be a major force in 2026. He described them as a red herring, pointing to their infrequent trading and tendency to hover near fair value.
They are not going away, since some investors prefer accessing crypto through public equity vehicles, but they are unlikely to be major drivers of valuations on either the buy side or the sell side, he said.
Instead, Pandl expects market attention to focus on fundamentals such as wider access to digital assets, better usability, and financial products that more directly translate investor demand into price impact.