WisdomTree CEO says crypto is going ‘mainstream’

Jonathan Steinberg, founder and CEO of WisdomTree, believes that cryptocurrencies are entering the mainstream and adoption will increase rapidly with increased regulatory clarity.

Steinberg shared this view while commenting on Bitcoin (BTC) performance and Trump’s Bitcoin 2024 speech during an interview on CNBC’s ‘Money Movers.’ He also spoke about cryptocurrency entering the mainstream as an asset class amid current trends like tokenization.

Trump’s speech is key, says Steinberg

According to Steinberg, former President Donald Trump’s speech at the Bitcoin 2024 conference last week had an ambitious tone and underlined the general sentiment about the future of cryptocurrencies.

The WisdomTree CEO praised Trump’s pro-crypto stance, noting that more than just his appearance at the Bitcoin event, the Republican candidate added a high-profile politician’s voice to the industry’s growth. Trump has vowed to fire SEC Chairman Gary Gensler if he wins the November election.

“More importantly,” Steinberg said, “it promises regulatory clarity for crypto and digital assets in general. I think this will have a very positive impact not only on the crypto asset class, which is only half the story, but also on blockchain-enabled finance, where WisdomTree was a very early leader.”

Bitcoin is the best performing asset in 15 years

Bitcoin has seen remarkable growth since its inception 15 years ago, according to Steinberg. During that time, BTC has emerged as the best-performing asset, surpassing private equity. But Steinberg noted that there is more to it than that.

“What’s interesting about Bitcoin is that it has raised over a trillion dollars with no employees and no institutional acquisitions. And now crypto is well over $2 trillion as an asset class. I think it’s entering the mainstream and will continue to enter the mainstream for years to come.”

Steinberg also commented on cryptocurrency adoption around the world.

According to him, there is nothing really complicated about crypto, blockchain or things like decentralized finance and tokenization. What previously kept people away from embracing the market and the different ecosystems built around it was the skepticism of regulators.

“There is nothing more transparent than blockchain and Bitcoin in general,” he explained.

According to him, regulatory clarity and the launch of crypto exchange-traded products are some of the factors that will ensure the digital asset class continues to go mainstream.

WisdomTree ETFs market growth

WisdomTree, which provides a variety of ETPs including a spot Bitcoin ETF, recently reported that it has over $109 billion in total assets under management.

The New York-based company recorded net inflows of $1.9 billion in its U.S.-listed ETFs in the second quarter of 2024, bringing its total net inflows to $4.2 billion in its ETFs.

According to data from SosoValue, WisdomTree spot Bitcoin ETF BTCW currently holds over $89.3 million worth of Bitcoin and has recorded net inflows of over $72.5 million.