Bitcoin Price Crash: Ex-SoftBank CFO Sees ‘No Concerns’ For Crypto Despite Mega IPO Capital-Drain Fears, Pins Hope On CLARITY Act

One side believes investors are moving money into upcoming tech IPOs, while the other says tighter liquidity is hurting riskier assets.

• Yoshitaka Kitao, former SoftBank CFO, said the CLARITY Act could boost institutional participation if enacted. 
• GLJ Research CEO Gordon Johnson argued that Bitcoin's decline is driven by tighter liquidity.
• Bitcoin's returns over the last 10 years have been nearly as strong as Nvidia's.  

Bitcoin’s (BTC) sharp decline to below $70,000 in early June has ignited a heated debate among financial leaders and investors over the forces weighing on the cryptocurrency market. 

Former SoftBank CFO Bets On CLARITY Act To Revive Crypto 

Yoshitaka Kitao, former SoftBank CFO and the head of Japan’s SBI Group, said in a post on X that the recent weakness across the cryptocurrency market may reflect investor positioning ahead of several highly anticipated U.S. IPOs.

“Although the cryptocurrency market is declining overall, the reason is believed to be that institutional investors and others are raising funds for acquiring shares in the three major upcoming IPOs of SpaceX, Anthropic, and OpenAI, which are successively scheduled in the United States in the future,” said Kitao.