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Jonathan Steinberg, the founder and CEO of WisdomTree, believes that crypto is going mainstream and that adoption will gather pace amid further regulatory clarity.
Steinberg’s Insights on Bitcoin and Trump’s Speech
Steinberg shared his views during an interview with CNBC’s ‘Money Movers’, commenting on Bitcoin’s performance and Donald Trump’s speech at Bitcoin 2024. He discussed the trend of crypto becoming a mainstream asset class, including the growing interest in tokenization.
According to Steinberg, former President Donald Trump’s speech at the Bitcoin 2024 conference highlighted the sentiment around cryptocurrency’s future. The WisdomTree CEO noted Trump’s pro-crypto stance, emphasizing that this adds a prominent political voice to the industry’s growth.
Trump has promised regulatory clarity for crypto and digital assets, which Steinberg believes will positively impact both the crypto asset class and blockchain-enabled finance, an area where WisdomTree is a pioneer.
Bitcoin: The Best Performing Asset in 15 Years
In Steinberg’s opinion, Bitcoin has shown significant growth since its inception 15 years ago. During this period, Bitcoin has emerged as the best performing asset, surpassing private equity.
“What’s so interesting about Bitcoin, with no employees and no institutional buying, it raised more than a trillion dollars. And now crypto as an asset class is well over $2 trillion. I think it’s going mainstream and will continue to go mainstream in years ahead.”
Global Crypto Adoption and Regulatory Clarity
Steinberg also commented on crypto adoption globally. He pointed out that there is nothing inherently complex about crypto, blockchain, or decentralized finance. The main barrier has been skepticism from regulators.
“There’s nothing more transparent than blockchain and bitcoin in general,” he explained.
He believes that regulatory clarity and the introduction of crypto exchange-traded products will further drive the mainstream adoption of digital assets.
WisdomTree’s Market Growth
WisdomTree, which offers several Exchange-Traded Products (ETPs) including a spot Bitcoin ETF, recently reported its total assets under management at over $109 billion.
The New York-based firm recorded net inflows of $1.9 billion for its U.S.-listed ETFs in the second quarter of 2024, with total net inflows reaching $4.2 billion. The WisdomTree spot Bitcoin ETF currently holds over $89.3 million worth of Bitcoin and has recorded net inflows of over $72.5 million.
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