Gray Outlook Report: By 2026, Cryptocurrency Regulations Approved, Tech Giants Entering the Market Trigger Bull Run

Grayscale’s 2026 Digital Asset Outlook Report indicates that the U.S. structure legislation for the crypto market is expected to gain bipartisan support and pass. Research Director Zach Pandl emphasizes that what drives a bull market are regulatory clarity and macroeconomic pressures. Concerns over government debt, fiscal deficits, and fiat currency devaluation are prompting investors to seek alternative stores of value. Google, Meta, or Apple may launch crypto wallets in 2026, and Fortune 100 companies are establishing private blockchains.

U.S. Legislative Breakthroughs as the Biggest Catalyst in 2026

(Source: Grayscale)

Grayscale believes that regulatory clarity is the primary factor driving the 2026 crypto bull market. After delays caused by political deadlock and government shutdowns, the U.S. crypto market structure legislation is expected to garner bipartisan support and make progress in early 2026. Although the bill failed to pass in 2025, Pandl stated on CNBC’s “Crypto World” that momentum has now resumed, and lawmakers from both parties are interested in establishing clearer federal rules for digital assets.

This bipartisan consensus is no coincidence. Over the past two years, U.S. political attitudes toward the crypto industry have shifted from skepticism to pragmatism. The Republican Party has long supported crypto innovation, while increasingly more Democrats support clear regulatory frameworks. Both sides agree that rather than allowing the industry to grow wildly in a regulatory vacuum, it is better to establish clear rules to guide healthy development.

Pandl states that regulatory clarity could enable startups, established companies, and even Fortune 500 firms to incorporate tokens as part of their capital structure, alongside stocks and bonds. He believes that once the legal status of digital assets is clearly defined, token issuance could become a standard financing method. This shift will fundamentally change the corporate financing ecosystem, with tokens no longer being marginal experimental tools but an integral part of mainstream capital markets.

“This year, the operating environment for U.S. crypto companies has made significant progress. However, there is still a long way to go,” Pandl said. The current progress mainly reflects a softened stance from law enforcement agencies and some breakthroughs at the state level, but a comprehensive federal framework is still lacking. The legislative breakthrough in 2026 will fill this critical gap.

Debt Crisis and Fiat Devaluation Drive Hedging Demand

(Source: Grayscale)

The second major pillar in Grayscale’s 2026 forecast is macroeconomic pressures. Pandl emphasizes that the largest asset in the market, Bitcoin, is driven by the demand for alternative stores of value caused by debt, deficits, and the risks of fiat currency devaluation. These macro imbalances are unlikely to disappear in the short term, meaning portfolio shifts should continue into 2026.

The current global macro environment is filled with uncertainty. U.S. government debt has surpassed $35 trillion, and annual fiscal deficits continue to widen. Although major central banks have slowed their money-printing pace, their balance sheets remain at historic highs. Against this backdrop, concerns over declining fiat purchasing power are increasing, prompting investors to look beyond traditional assets.

Three Major Macroeconomic Pressures Drive Crypto Demand

Government Debt Expansion: Debt-to-GDP ratios in major economies hit record highs, raising questions about fiscal sustainability

Monetary Policy Dilemmas: Inflationary pressures coexist with economic slowdown, forcing central banks into difficult choices

Geopolitical Risks: Trade tensions and regional conflicts increase uncertainty, boosting demand for safe-haven assets

The narrative of Bitcoin as “digital gold” becomes even more compelling in this environment. Similar to gold, Bitcoin features scarcity, decentralization, and censorship resistance, but it also offers advantages in portability, divisibility, and verifiability. As institutional investors deepen their understanding of these features, Bitcoin’s role in asset allocation will continue to rise.

Pandl notes, “Much is happening in the crypto space, but the driving force behind the market’s largest asset, Bitcoin, remains macroeconomic pressures.” This fundamental demand will not change due to short-term market fluctuations, providing a solid foundation for a sustained bull market into 2026.

Tech Giants and Banks as Key Drivers of Adoption

In addition to Grayscale’s perspective, Dragonfly Managing Partner Haseeb Qureshi’s predictions for 2026 are more aggressive. He states that a major tech company is very likely to integrate a crypto wallet by 2026, potentially attracting billions of users. He speculates that companies like Google, Meta, or Apple may launch or acquire crypto wallets.

This prediction is not unfounded. Tech giants have been actively expanding in the payments space, with Apple Pay, Google Pay, and Meta’s payment features deeply integrated into users’ daily lives. Once regulatory clarity is achieved, the technical barriers for these companies to integrate crypto wallets are minimal, and their large user bases could lead to explosive growth. If Google or Meta embed crypto wallets into their applications used by billions, it would dramatically accelerate the adoption of cryptocurrencies.

Qureshi also predicts that more Fortune 100 companies, especially in banking and fintech, will establish their own blockchains. These networks are likely to be private or permissioned but still connected to public chains, utilizing infrastructure like Avalanche and modular stacks such as OP Stack and ZK Stack.

Several large financial institutions, including JPMorgan, Bank of America, and Goldman Sachs, have already established private blockchain systems, although most are still limited or experimental. As regulatory frameworks solidify in 2026, these experimental projects may transition into formal commercial applications, with interbank settlement, trade finance, and asset tokenization becoming mainstream use cases.