Despite a slowdown in grassroots cryptocurrency adoption following last year’s industry setbacks, eToro’s CEO, Yoni Assia, sees potential for increased Bitcoin adoption. Assia believes that the appeal of exchange-traded funds (ETFs) for institutions and the ease of investing through various platforms for non-professionals could be key drivers.
According to Assia, institutions often prefer not to build new infrastructure for each asset class, and products like Bitcoin ETFs align with their existing modes of operation. He stated,
“[Bitcoin] ETFs could be a significant driver of adoption [because] institutions work in a very rigid way. […] ETF, in many cases, is that infrastructure to enable institutional demand to those who don’t want to self-custody.”
Assia emphasized that a Bitcoin ETF’s availability could enhance Bitcoin’s legitimacy in the eyes of institutional investors, potentially supporting the asset’s price as it becomes a familiar and institutionalized form of investment. Bitcoin’s price surged past $35,000 in October, partly fueled by excitement around spot ETF approvals, and has since maintained levels between $37,000 and $38,000.
In addition to institutional adoption, Assia highlighted the importance of user-friendly platforms and integrations into diverse investment portfolios for onboarding more retail users into the market. He mentioned, “On the retail level, it’s all about the user experience, simplicity, and the ability to embed crypto investments and crypto trading in a wider portfolio.”
While grassroots crypto adoption has slowed globally, a September report from blockchain research firm Chainalysis revealed increased adoption in lower-middle-income countries like India, Nigeria, and Ukraine. Assia believes that Bitcoin’s adoption is driven by the understanding of the need for unseizable, censorship-resistant internet money, which will continue to grow over time. Assia concluded,
“Crypto is still an emerging internet commodity, and we’ll continue to see increased interest over time in Bitcoin for the next 10 years. I have no doubt that in 10 years, it’s going to [have] higher prices and [be] a more significant force in the world.”
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