WisdomTree CEO Jonathan Steinberg Discusses Crypto Going Mainstream and Regulatory Clarity
Jonathan Steinberg, the founder and CEO of WisdomTree, is optimistic about the future of cryptocurrency, believing that it is going mainstream and will continue to gain adoption with further regulatory clarity. In a recent interview with CNBC’s ‘Money Movers’, Steinberg discussed various aspects of the crypto market, including Bitcoin’s performance and former President Donald Trump’s speech at Bitcoin 2024.
Steinberg praised Trump’s pro-crypto stance and his promise of regulatory clarity for the crypto and digital asset space. He believes that this will have a positive impact on the industry as a whole, not just on cryptocurrencies but also on blockchain-enabled finance, an area where WisdomTree is a leader.
Highlighting Bitcoin’s impressive growth over the past 15 years, Steinberg pointed out that it has become the best performing asset, surpassing private equity. He emphasized that Bitcoin’s success demonstrates its mainstream appeal and predicted continued growth in the years to come.
Addressing the issue of crypto adoption, Steinberg stated that the main barrier has been regulatory uncertainty rather than the complexity of blockchain technology. He believes that as regulators provide more clarity and as crypto exchange-traded products become more widely available, the digital asset class will become even more mainstream.
WisdomTree, known for its exchange-traded products (ETPs), including a spot Bitcoin ETF, has seen significant market growth. The firm reported total assets under management of over $109 billion, with strong net inflows into its U.S.-listed ETFs in the second quarter of 2024. The WisdomTree spot Bitcoin ETF BTCW currently holds over $89.3 million worth of Bitcoin and has recorded substantial net inflows.
Overall, Jonathan Steinberg’s positive outlook on the future of cryptocurrency and blockchain technology reflects a growing sentiment in the industry that mainstream adoption is on the horizon, driven by regulatory clarity and increasing market interest.
