Bitcoin on the Brink of Becoming a Recognized Asset Class, According to Top Asset Managers

"A $500,000 bitcoin price would solidify its status as an asset class," said Anthony Scaramucci, founder and CEO of SkyBridge Capital, during a discussion at CoinDesk's Consensus 2025 conference. He was joined by Jonathan Steinberg, CEO of WisdomTree; Pascal St-Jean, President and CEO of 3iQ; and Andy Baehr of CoinDesk Indices to explore whether cryptocurrency, particularly bitcoin, has achieved asset class status. The panelists agreed that while crypto is nearing this milestone, the path to full institutional validation requires more than price appreciation. Pascal St-Jean noted that bitcoin has cleared many hurdles to be considered investable by institutions, offering hedging mechanisms, various investment wrappers, and a clearer understanding as "digital gold for a digital age." However, other crypto assets, such as governance and utility tokens, remain challenging for institutions to grasp due to their complexity. The introduction of spot bitcoin ETFs, especially in the U.S., was highlighted as a significant step towards institutional legitimacy. Jonathan Steinberg pointed out the irony in how the former SEC Chair's enforcement-heavy approach inadvertently created a competitive and mature market for bitcoin. The panelists also emphasized the importance of education and diversification, warning that bitcoin's dominance might hinder the broader crypto ecosystem. Despite the progress, they acknowledged that many institutions are still in the early stages of their due diligence, and the final push towards broad asset-class acceptance will depend on continued infrastructure development, regulatory clarity, and the creation of institutional products. Scaramucci expressed optimism about the future, citing the influx of capital, the growth of copycat strategies, and Wall Street's increasing support for bitcoin and crypto ETFs. While political risks persist, the incentives for bipartisan support are aligning, and reaching a $500,000 bitcoin price could lead to widespread recognition of crypto as a legitimate asset class.