Bitcoin May Become Mainstream” Currency Under Trump
WisdomTree CEO Jonathan Steinberg believes Bitcoin (BTC) and crypto assets are on the verge of “mainstream” adoption and will reach this status in the coming years.
In a July 29 interview with CNBC, Steinberg highlighted regulatory clarity, the emergence of publicly traded crypto asset funds, and the tokenization of real-world assets (RWA) as key catalysts for this trend.
Steinberg emphasized the significance of former U.S. President Trump’s speech at the BTC 2024 conference on July 27 and its long-term impact on the industry.
According to Steinberg, Trump’s ambitious commitment to clear crypto asset and digital asset regulations marks a pivotal moment for the industry.
Steinberg added, “This regulatory framework will have a profound positive impact on crypto assets and blockchain finance as an asset class.”
“BTC has been the best-performing asset class over the past 15 years and will continue to outperform the market. Regulatory recognition of BTC will further drive its adoption.”
Steinberg stated, “BTC is the natural evolution of money, just like smartphones replaced landlines. Digital assets will ultimately become the mainstream form of transactions.”
In the realm of currency, first there was gold, then paper money. Now we are moving towards programmable money, which will fundamentally transform financial services.
Steinberg also highlighted that discussions around crypto assets are expanding from core assets like BTC and Ethereum to broader tokenization of real-world assets.
He explained, “Crypto assets are an asset class, followed by the broader tokenization of all real-world assets. We see all of this converging.”
Steinberg noted that traditional financial institutions have already begun entering the RWA market, citing examples like BlackRock’s BUIDL and Franklin Templeton’s FOBXX.
Meanwhile, Wall Street banking giant Goldman Sachs is set to launch three new tokenized products for institutional clients later this year.
According to McKinsey, the RWA market is projected to reach $2 trillion by 2030. However, the firm also noted that the industry faces a “cold start” problem due to limited liquidity and trading volume.