Regulation
WisdomTree CEO Believes Regulatory Clarity Under Trump Will Make Bitcoin ‘Mainstream’
Tree of Wisdom CEO Jonathan Steinberg believes that Bitcoin and cryptocurrencies are on the brink of “mainstream” adoption and will reach this status within the next few years.
Steinberg expressed his belief during an interview with CNBC on July 29. interviewciting regulatory clarity, the emergence of exchange-listed crypto funds, and the tokenization of real-world assets (RWA) as key catalysts for this trend.
Regulatory clarity
During the interview, Steinberg stressed the importance of the former president by Donald J. Trump speech at the Bitcoin 2024 conference on July 27 and the ripple effects it will have on the industry in the long term.
According to WisdomTree CEO, Trump ambitious promise of regulatory clarity for cryptocurrencies and digital assets marked a watershed moment for the industry. He added that such regulatory frameworks will have a profoundly positive impact on both cryptocurrencies as an asset class and blockchain finance in general.
Steinberg said:
“[Trump] He couldn’t have spoken in a more ambitious tone than he would have done with cryptocurrencies and Bitcoin as an asset class.”
He also noted that Bitcoin is the best-performing asset class in 15 years and will continue to outperform the market, further fueling its adoption as it gains regulatory acceptance.
Steinberg said Bitcoin is the natural evolution of money, just as smartphones replaced landlines; he predicts that digital assets will eventually become the dominant form of transaction.
He added:
“When it comes to money, there was gold and then paper money: we are moving towards programmable money, which will really transform financial services in a broader sense.”
Real World Resources
Steinberg also pointed out that the narrative around cryptocurrencies is expanding beyond core assets like Bitcoin and Ethereum to include a broader range of tokenized real-world assets.
He explained:
“Cryptocurrency is an asset class, and then you have this broader tokenization of all real-world assets. We see everything converging.”
Steinberg noted that traditional financial institutions are already venturing into the RWA market, citing examples such as BlackRock’s BUIDL and Franklin Templeton’s FOBXX. Wall Street banking giant Goldman Sachs is also poised to launch three new tokenization products later this year for institutional clients.
According to McKinsey & Company, the RWA market is expected to reach $2 trillion by 2030. However, the company also said that the industry is facing a “cold start” problem, mainly due to limited liquidity and transaction volume.