Financial experts are signaling Bitcoin has reached the tipping point of legitimacy as an asset class, but the final verdict may hinge on reaching the $500,000 mark.
At a Glance
- Anthony Scaramucci suggests Bitcoin needs to reach $500,000 to be officially recognized as a full asset class
- Spot Bitcoin ETFs have been called a “game changer” for institutional adoption
- Former SEC Chair Gary Gensler’s strict enforcement inadvertently created a competitive, mature market
- Experts agree Bitcoin has cleared major hurdles to become “digital gold” for institutional investors
- Political risks remain, but bipartisan support for crypto is growing in the United States
Bitcoin’s Path to Legitimacy
At CoinDesk’s Consensus 2025 conference, financial experts gathered to assess whether Bitcoin has truly established itself as a legitimate asset class. Anthony Scaramucci, founder and CEO of SkyBridge Capital, provided a clear benchmark for this transition. According to Scaramucci, Bitcoin’s current market capitalization of around $3 trillion puts it on par with a “mag 7 stock,” while reaching $20 trillion would definitively establish it as an asset class – requiring a price of approximately $500,000 per Bitcoin.
The panel highlighted that institutional adoption depends on more than just price movements. Regulatory progress, educational initiatives, and infrastructure development have all contributed to Bitcoin’s growing acceptance in traditional finance circles. The foundation for mainstream adoption appears stronger than ever, with multiple institutional barriers now removed.
ETFs: The Game-Changing Wrapper
The introduction of spot Bitcoin ETFs in the United States marks a watershed moment for cryptocurrency legitimacy. These investment vehicles provide traditional investors with familiar, regulated access to Bitcoin exposure without the technical complexities of direct ownership. This accessibility has opened doors for wealth managers, financial advisors, and institutional investors who previously couldn’t navigate the cryptocurrency landscape due to compliance constraints.
“Three trillion is like a mag 7 stock, 20 trillion is an asset class,” said Anthony Scaramucci, founder and CEO of SkyBridge Capital. “So if you tell me that bitcoin can get to $500,000, people will be writing stories that bitcoin is an asset class.”
Experts on the panel described the ETF wrapper as transformative for the entire crypto ecosystem. Pasqual St-Jean characterized Bitcoin as “digital gold,” noting it has cleared numerous hurdles once thought impossible for institutional consideration. The sheer number of approved Bitcoin ETF products reflects growing demand and competitive interest from established financial players, a sign of maturation within the crypto space.
Regulatory Resistance Creates Unintended Benefits
In a surprising twist, Jonathan Steinberg, CEO of WisdomTree, suggested that former SEC Chair Gary Gensler’s stringent regulatory approach actually strengthened Bitcoin’s standing. The intense regulatory scrutiny forced participants to develop robust compliance frameworks and infrastructure, inadvertently creating a mature foundation for the asset. Ironically, the regulatory resistance resulted in more Bitcoin ETF products than S&P 500 ETFs in the marketplace.
“Gensler created just what he didn’t want in the US,” Steinberg said. “There are more bitcoin ETPs than S&P 500 ETFs. He created a tremendously competitive and mature foundation for bitcoin, which I think is deserved for the asset class.”
Pasqual St-Jean noted the importance of educational efforts aimed at regulatory authorities. He emphasized that once infrastructure issues were addressed, regulators had no legitimate basis to prevent institutions from accessing this emerging asset class. This educational process was critical in shifting the regulatory attitude from outright opposition to cautious accommodation.
Challenges and Future Growth
Despite Bitcoin’s progress, panel members identified several challenges to broader crypto adoption. Bitcoin’s dominance may actually hinder exploration of the wider blockchain ecosystem, including Layer 1 technologies and decentralized finance applications. Additionally, political uncertainty remains a concern, though panelists noted increasing bipartisan support for cryptocurrency in the United States, driven by economic incentives and growing voter interest.
“We had to educate them that the regulator doesn’t have the right to pick which asset class is investable if the infrastructure problem is solved,” St-Jean said.
For continued growth, the experts highlighted the need for additional institutional products beyond basic spot exposure. Staking products, Layer 1 blockchain investments, and diversified crypto index products were mentioned as critical next steps. These would allow institutions to participate in the broader technological revolution while managing risk through diversification strategies familiar to traditional finance.
