Kraken Co-CEO Arjun Sethi on His Crypto Outlook on CNBC Europe

Thanks for having me. No, I think the way to think about crypto is, a lot of people think of it as an asset class. We think of it as technology rails. And so when you have technology rails that can give people access to cryptocurrencies, equities, commodities, etc., we're sort of converging those two asset classes together.

Yeah, I mean, you know, there's always this conversation about day by day what's happening in the crypto markets or equity markets, or quarter by quarter. If you take the long horizon—which is last year we were at 65,000 or 68,000, and then we went to 100, then 120, and back to 100—I just think of price volatility at this scale as having a ton of volume. It's a sign of market maturity, not necessarily that this is an asset class that's less volatile. And so it's cryptocurrencies—again, you go back to the rails—you've got BTC, ETH, USDT, USDC, now tokenized equities. You have a ton of asset classes coming into the system, a ton more capital.

Yeah, so I never usually like using the word retail or institutional because it kind of minimizes what an average everyday consumer does. Take a look in the UK—like one in five people are using cryptocurrency in some capacity, whether it's DeFi, centralized, etc. And in the world, you already have over a billion people using it on a daily basis. So what are they doing? They're sending, receiving, storing, and getting yield that most people at the upper echelon get access to. They don't get that here for other traditional products. So the way to think about it is that you have multiple adoption paths in multiple areas with multiple products. And so instead of thinking about it as crypto, it's just that I have access to assets, and now that my collateral is mine—sovereign in some sense or free—I can use it now for everyday use cases, which is buying coffee or going grocery shopping.