Bitcoin at $ 100,000 is still cheap, says blockbr CEO

Real -world active tokenization (RWA) was one of the main highlights on the first day of Smart Summit 2025. During the event, Beincrypto Brasil talked to Cássio Krupinsky, founder and CEO of Block BR.

For Krupinsky, in ten years, the word “token” may have already fallen into oblivion. He believes the focus should be on how RWA will be established in the market, considering aspects such as regulation and licensing.

The executive also highlighted the importance of understanding opportunities for various market agents and even for those outside the industry, who can enter the capital market. “The asset is just the end of the process,” concluded Krupinsky.

Check out the full interview:

BIC: What are the aspects of the processing and participants of these assets and to be processed to have a Positive result in the offer for investors?

Cássio Krupinsky: A credit borrower has some credit -taking options on the market. Either he goes to a bank, or a broker, or a bottom, a fintech, or he goes to a friend who can lend this money, he explains.

Usually in Brazil, being a super volatile country in rates, interest and everything else, accounting control and financial control of companies, it is virtually impossible for you to have a completely stabilized economy. It basically changes every 4 years.

And then when you also understand the credit borrower, how it seeks money and what operating structure is offered to it, for example, in the real estate market, you have the option of making a LCI, a cri, enter a one FIP or structure a real estate fund FIP for example, even a fixed income CCB.

So all of this uses instruments of the capital market, which are very expensive. There are many intermediaries. These are annual rates, sometimes emission costs, but you have several participants within these intermediates that are regulatory agents.

It has the registrar, bank agent, central depository, custodian, you have the extra account etc. It depends on each instrument. And then the tokenization comes in.

Tokenization comes to make a comparison between all these instruments and all structures so that within this system, the token, analyze what it replaces, what takes away and who can play this role? details the Blockbr CEO.

Cassio reveals that he created Blockbr to be the infrastructure to precisely make the regulated market participants have new roles.

He explains that the customer today no longer wants to be hostage to a broker when they need to tokenize something. “So he has the opportunity to bring investors to his umbrella and thus reduce the cost of operation where he becomes the structuring.”

In practice, the company has been transforming investment advisors, for example, into autonomous structuring, making the customer play the broker’s own role under Blockbr’s regulatory license.

This is a role that the tokenization can provide. But when we talk about active, what I said a lot in this talk at Smart Summit, was precisely that it is no use to do a token and this token does not have a processing adherent to the offer.

BIC: But what is this processing?

Cássio Krupinsky: It is from before the token issuance, it is the legal aspects, warranty, risk analysis, asset processing analysis, who are the agents participating in this structure, so that they have responsibilities such as custody, emission, etc.

Until the investor, at the end, can trust the company that is structuring this operation. That is why Bank is the bank, because the bank began to structure operations within the guarantee that it would not have default. That is why it has money from behind to cover the risk of default and charging dearly at interest rates.

But at the same time, the bank only gives credit with warranty up to a certain amount, precisely so as not to risk not having to exceed his budget to cover the risk of default. So it’s the same thing. But the opportunity that the token brings is that blockchain replaces a number of factors and we actually look at these new factors.

BIC: Today has become a fashion to talk about Rwa, which is everything tokenizable. What do you think about it? Do you think everything is really, tokenizable? How is Blockbr looking at this?

Cássio Krupinsky: There is an Apple forecast to sell to 90% of the world’s population, but who has money to buy an Apple, an iPhone? exemplifies Cassio.

If you think, everything is tokenizable, but not everything brings the right guarantees for a token to be super solid to an offer where the risk borrower has the security that it is buying a safer asset. Of course, they are risk active and slightly safer assets. So, yes it is possible to be tokenized.

Tokenized economy is a path without return

BIC: There are predictions that vary a movement between $ 16 trillion and $ 33 trillion with real -world assets. How do you see this movement?

Cássio Krupinsky: Large banks, especially Europe, the United States, especially now, are already starting to make movements that no one knows for sure, but they are very pro-criminal movements, pro-blockchain, pro-digital assets and when you see a Blackrock in advance to A presidency exchange in the United States (USA), but already looking at this future, is a way without return, in fact, believes Krupinsky.

For the fintech manager, the above numbers can be achieved, but he thinks the numbers actually do not represent the size of the market. This is because within the expertise there is still an estimated risk of the asset

Everything can be tokenized, but again, what is the quality of the asset to be tokenized? Is it $ 33 trillion? So, this question is.

Market is raising

Cássio Krupinsky: What I mean is that there are fewer companies today within the universe of tokenization, because there are more companies entering, but very few, I do not even say for seriousness, but for the expertise of having arrived first and understand the regulatory movements, of agents of agents Market and think about how to provide new roles to play something safe.

BIC: Brazil has advanced well in the issue of regulation. How are you seeing this whole scenario, from the end of 2021 until now, 2025, with Donald Trump’s endorsement for the crypto industry to reach the mainstream?

Cássio Krupinsky: It’s super interesting. It’s the same as looking at four years from now what will be. Well, this super positive endorsement for the crypto market not only brings an expectation of growth to the cryptocurrency cryptocurrency market, but much more for the tokenization market, where you accelerate a digitization culture.

BIC: What does this represent?

Cássio Krupinsky: It’s an analogy that I always do, I usually use. You used Nokia and now you use an iPhone, for example. Only last year, we were in the BlackBerry era. And this year, we are already in the first iPhones. – That talking like the crypto era –

We are in the first iPhones, perhaps the first, living the beginning of the first iPhone. So, I think this endorsement represents the beginning of the first iPhone within the crypto market.

Everything corroborates the growth of digital assets in the market. Because when you see a broker losing space, dissatisfied investment advisor, banks losing slices to digital banks, and you see the market being more decentralized to those who are really good at what they do. Already who is bad, it can take 15 years or more, and it is clear that there was a lack of competence to do something and stay in the industry.

It is natural, we are in a path that the growth of Digital Assets is inherent, and it also follows the fall of many companies in the traditional market.

Brokers mainly, have many trying to survive and have giants losing market to the offices themselves. This is because each office saw the opportunity to become the broker herself, but the office no longer wanted to be a broker and now has an opportunity to get in digital assets also to be able to participate in a much better way without having to need that great broker who I was trying to put an exclusive contract in it.

So it is a path that culturally very positive and not just because of Trump’s endorsement, but even more because of the fall of the traditional market, the incompetence of not being adhering to technology before.

And now it’s too late to have technology adherence, because the data has become data noodles and they are now uncomposed to make a tip to end data link, so that in the user’s view, the customer’s view, it is very transparent.

And what they really confuse is about making the operation transparent, showing, for example, how much someone gains, but this is not transparency. Transparency is in processing, in the whole process.

Bitcoin is still cheap and is a value reserve

Cássio Krupinsky: For me it is very simple. I try to be very logical. Apart from all the meme coins, all the coins of volatility that make people win the exchanges and be happy, and defending some coins that actually make no sense, Bitcoin for me is a value reserve.

I would say that he is just starting, this is my belief. I don’t think $ 100,000 is expensive. It’s cheap, it’s still cheap. It’s time to come in. I always say that, Bitcoin is not something to make you rich, but it is something to make your children or grandchildren rich.

Because it is an asset that in my conception, I am doing an analysis of the volume of halving and the volume of scarcity. We also have some external factors as I said, the tokenization grows as the traditional market has a drop. Then one pulls down, the other pulls up.

And of course digital actives are coming up, because it is already super adherent, super transparent, finally, etc.

BIC: And when does Bitcoin end? If you come a war, does anyone press a button and have a bomb? Why so much bunker? And why so much?

Cássio Krupinsky: It will be the only currency in the world that has the ability to have a value reserve.

I believe that due to security, decentrality, freedom and scarcity, it is just beginning.

Bitcoin and the power of liquidity

Cássio Krupinsky: I don’t kick price, because today you have an institutional market with the power to organize liquidity, purchase and sale, wait, and enter the right time and everything. So if we get the story of Bitcoin himself, you have the leverage of the market itself and you have the falls.

I believe Bitcoin can rise to about $ 140,000, $ 190,000.

BIC: Even this year?

Cássio Krupinsky: I believe it rises to $ 140,000, but it may fall to $ 50,000.

Gross fall, where everyone intrudes, and then you have the purchasing power, has the power of leverage for the price to rise, due to large institutions.

Cassio recalls that today Bitcoin is very decentralized also in retail. And so it is very difficult to make predictions.

But unfortunately, in Brazil, we still have a retail finding the BTC expensive and do not see the advantage to buy $ 1,000 and have only a few cents of Satoshis that in the future can be worth a lot, he concludes.

Who is Cássio Krupinsky?

At 15, Cássio Krupinsky began his career at Banco Safra, one of the most renowned families of bankers in Brazil. After passing a exchange rate broker and creating 16 companies, he bought his first bitcoins in 2011, but sold them in 2016.

In 2019, it resumed its interest in the crypto market and, by 2020, during a season in Dubai, deepened in the Crypus community of the United Arab Emirates. It was there that he joined Crypto Valley, Switzerland, to study cryptocurrencies and altcoins, creating a safe tokens ecosystem.

By 2021, he founded the blockbr, which is now valued at $ 15 million. Next week, the startup will be presented to a group of investors and students from Stanford University.

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