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Mike Belshe, CEO of BitGo, which serves as a custodian for two of 21Shares’ US Spot ETFs: the ARK 21Shares bitcoin ETF (ARKB) and the 21Shares Core ethereum ETF (CETH), joins Morning Brief with Seana Smith and Brad Smith to discuss his expectations for crypto under Trump 2.0.
"Everything is aligned to do well," Belshe says. "I think we're extremely well positioned given the regulatory changes given the adoption that's been going on ... the industry is anticipating that this is going to be a good time for bitcoin."
Crypto optimism has surged from expectations that Trump's second administration will be more crypto-friendly. Ahead of Trump's return to the White House, Securities and Exchange Commission (SEC) Chair Gary Gensler, who has largely been viewed as a crypto adversary, is set to step down from his role. Trump named crypto enthusiast Paul Atkins as his pick to replace Gensler.
"Gary Gensler has, for some reason, decided to take a war against crypto," Belshe states. "Mr. Gensler wants to talk about use cases. Bitcoin is the strongest use case; it's a store of value unlike any other, it's a monetary system which is frankly a hedge against the dollar because the government here has had a really hard time containing costs."
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"Bitcoin is a monetary system where it's a fixed supply, so you just don't have to worry about somebody deciding to spend the money [and] create a bunch of extra supply that wasn't anticipated," he adds.
Catch Yahoo Finance Federal Reserve Reporter Jennifer Schonberger's full interview with outgoing SEC Chair Gary Gensler here.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
This post was written by Naomi Buchanan.