Key Points
- WisdomTree CEO, Jonathan Steinberg, predicts increased crypto adoption with regulatory clarity.
- Steinberg commends Bitcoin’s performance, stating it’s the best performing asset in 15 years.
Jonathan Steinberg, WisdomTree’s CEO, has expressed his belief that cryptocurrencies are moving towards mainstream adoption. He anticipates this trend to accelerate as regulatory clarity improves.
Steinberg’s Views on Crypto Adoption
During a CNBC interview, Steinberg discussed the performance of Bitcoin (BTC) and the impact of former President Trump’s speech at Bitcoin 2024. He also touched on the mainstream acceptance of crypto as an asset class in light of current developments like tokenization.
Steinberg emphasized the importance of Trump’s speech at the Bitcoin 2024 conference, noting its ambitious tone and the positive sentiment it generated for the future of cryptocurrency. He praised Trump’s pro-crypto stance and highlighted how the addition of a top politician’s voice to the industry could spur growth.
He further stated that Trump’s promise of regulatory clarity for crypto and digital assets could have a significantly positive effect on the crypto asset class and blockchain-enabled finance. Steinberg believes that WisdomTree is an early leader in this area.
Bitcoin’s Remarkable Growth
In Steinberg’s view, Bitcoin has demonstrated impressive growth since its creation 15 years ago. He points out that Bitcoin, with no employees or institutional buying, managed to raise more than a trillion dollars. He also noted that the total value of the crypto asset class now exceeds $2 trillion.
Steinberg also discussed the global adoption of cryptocurrencies. He suggested that the complexity of crypto, blockchain, decentralized finance, and tokenization has not been the main barrier to their adoption. Instead, he believes regulatory skepticism has been the primary deterrent.
According to Steinberg, the transparency of blockchain and Bitcoin, combined with regulatory clarity and the introduction of crypto exchange-traded products, will continue to drive the mainstream acceptance of the digital asset class.
WisdomTree’s Market Growth
WisdomTree, a provider of several Exchange Traded Products (ETPs), including a spot Bitcoin ETF, recently reported its total assets under management to be over $109 billion. The company recorded net inflows of $1.9 billion for its U.S.-listed ETFs in Q2 2024 and total net inflows of $4.2 billion into its ETFs.
Data from SosoValue indicates that the WisdomTree spot Bitcoin ETF BTCW currently holds over $89.3 million worth of Bitcoin and has recorded net inflows of over $72.5 million.
