Opinion: BTC may become a "mainstream" currency after Trump takes office

Source: Blockchain Knights

WisdomTree CEO Jonathan Steinberg believes that BTC and Crypto assets are on the verge of "mainstream" adoption and will reach that status in the next few years.

Steinberg expressed his belief in an interview with CNBC on July 29,citing regulatory clarity, the emergence of publicly traded Crypto asset funds, and the tokenization of real-world assets (RWA) as the main catalysts for this trend.

In the interview, Steinberg emphasized the significance of former US President Trump's speech at the BTC 2024 conference on July 27, and the ripple effect it will have on the industry in the long run

According to the WisdomTree CEO,Trump's ambitious promise to clarify the regulation of Crypto assets and digital assets marks a critical 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. As regulators recognize BTC, it will further promote the application of BTC."

Steinberg said: "BTC is the natural evolution of currency, just like smartphones replaced landlines. Digital assets will eventually become the mainstream form of transaction."

"In the currency field, there was gold, then paper money. Now we are moving towards programmable currency, which will truly change financial services broadly."

Steinberg also emphasized that the discussion around Crypto assets is expanding from core assets such as BTC and Ethereum to a wider range of tokenized real-world assets.

He explained: "Crypto assets are one asset class, and then there's the broader tokenization of all real-world assets. We're seeing it all converging."

Steinberg noted that traditional financial institutions have begun to dabble in the RWA market, citing examples such as BlackRock's BUIDL and Franklin Templeton's FOBXX.

Meanwhile, Wall Street banking giant Goldman Sachs will also launch three new tokenized products for institutional clients later this year.

McKinsey predicts that the RWA market will reach $2 trillion by 2030. However, the company also said that the industry faces a "cold start" problem, mainly due to limited liquidity and trading volume.