Steve Kurz says U.S. war on crypto is officially over.
| Credit: Spencer Platt/Getty Images)
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Key Takeaways
Bitcoin ETFs have assisted in giving institutional finance greater confidence in the crypto market.
Kurz foresees stablecoins hitting a $500 billion market cap if the proper infrastructure is in place.
Creating clear regulations on what does and doesn’t qualify as a security remains a priority.
According to Steve Kurz, the Global Head of Asset Management at investment firm Galaxy Digital, the future of Bitcoin (BTC) and cryptocurrencies is looking bright as the U.S. government’s war is “officially over.”
Speaking on CNBC’s “Fast Money,” Kurz expressed his optimism about the future of Bitcoin and crypto.
When it comes to the adoption of crypto, he explains that mega-wealthy institutional funds such as pensions are starting to take a “real look” at investing in crypto.
According to Kurz, major firms have conducted their operational due diligence into the markets and industry, and they have seen how well Bitcoin exchange-traded funds (ETFs) have performed in just one year.
Their confidence in the market continues to rise.
Interestingly, Kurz believes that stablecoins’ market cap is set to explode from its current $216 billion to around $500 billion.
“It’s a cheaper technology, settlement is faster, it’s found product market fit, we don’t need to do anything except put more fuel on that fire,” he said.
Kurz argues that crypto’s struggle to create solid use cases aside from being positioned as “digital gold ” is a “chicken and egg” scenario.
Without the regulations and framework, the tech cannot thrive.
War on Crypto
When questioned about the importance of a federal U.S. Bitcoin Reserve, he said it was important but not quite as significant as the fact that the U.S. government’s war on crypto is officially over.
“You’ve never seen a 180 degree shift from one administration to the next,” adding “”[…]you’ve got the executive orders, you’ve got the SEC actions giving you air cover and setting the tone,”
According to Kurz, this has already seen builders return to U.S. shores.
He adds that legislatures are “rolling up their sleeves” and are eagerly examining DeFi and the industry overall, asking, “How do we get this done this year?”
When asked what the number one regulatory or legislative move would be to catalyze the price of Bitcoin, Kurz posited the need for a “framework around market structure.”
Moreover, the industry needs a crystal clear ruling on what is and isn’t a security—a point of contention that has stifled crypto innovation over the years.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
