Bitcoin’s price has shown signs of stabilizing after a rough stretch, but even setting aside where prices go in the near term, asset manager Grayscale says adoption of the cryptocurrency over the medium and long run remains largely unchanged.

The reason: continued, unsustainable growth in government debt as a factor that keeps inflation and currency-debasement risk elevated. 

That backdrop, Grayscale argues, could push a widening range of investors toward scarce assets and alternative stores of value — a category where Bitcoin, with its fixed supply, is increasingly well positioned as a candidate.

It added that the adoption of stablecoins and tokenization are set to make…

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