In a recent interview with CNBC, WisdomTree CEO Jonathan Steinberg expressed his positive outlook on the future of Bitcoin and cryptocurrencies, foreseeing their widespread adoption in the coming years. He pointed out three main drivers of this trend: regulatory clarity, the rise of publicly traded crypto funds, and the tokenization of real-world assets.
Steinberg highlighted the significance of former President Donald J. Trump’s speech at the Bitcoin 2024 conference on July 27, where Trump promised regulatory clarity for crypto and digital assets. This promise was seen as a crucial moment for the industry, with Steinberg emphasizing the positive impact it could have on both crypto as an asset class and blockchain-enabled finance.
Despite bitcoin’s lack of employees and institutional buying, it has managed to raise over a trillion dollars, showcasing its growing acceptance and performance as the best-performing asset class over the past 15 years. Steinberg believes that this, coupled with regulatory advancements, will drive mainstream adoption of BTC in the years to come.
Additionally, Steinberg discussed the expansion of the crypto narrative beyond core assets like Bitcoin and Ethereum to encompass a wider range of tokenized real-world assets. He noted that traditional financial institutions are already entering the market for tokenized RWAs, with examples like BlackRock’s BUIDL and Franklin Templeton’s FOBXX.
The CEO pointed out the convergence of crypto as an asset class with the broader tokenization of real-world assets, highlighting the potential for significant growth in this space. Companies like BlackRock and Goldman Sachs are already involved in tokenization projects, with the market for RWAs projected to reach $2 trillion by 2030, according to McKinsey & Company.
Overall, Steinberg sees Bitcoin and cryptocurrencies as the natural evolution of money, drawing parallels to the shift from landlines to smartphones in the tech industry. He believes that digital assets will eventually become the dominant form of transacting, with regulatory clarity and the tokenization of real-world assets playing key roles in driving mass adoption.
As the crypto industry continues to evolve and more players enter the market, the future looks promising for Bitcoin and other digital assets. With regulatory advancements and the tokenization of real-world assets gaining momentum, the path to mainstream adoption appears clearer than ever.