‘$500K Bitcoin Would Seal It’: Scaramucci Says Crypto Is on the Cusp of Becoming an Asset Class
At CoinDesk’s Consensus 2025 conference, a panel discussed crypto’s evolution into a legitimate asset class. Anthony Scaramucci provocatively suggested a $500,000 Bitcoin price as the benchmark for full acceptance. While panelists largely agreed crypto is nearing this status, they highlighted that price alone isn’t sufficient.
Pasqual St-Jean argued Bitcoin’s characteristics—hedging mechanisms, diverse wrappers, and relative simplicity—already mirror many traditional assets, making it accessible to institutional investors. He contrasted this with the complexities of governance and utility tokens, which remain less understood.
The introduction of spot Bitcoin ETFs, especially in the U.S., was cited as a pivotal moment. Jonathan Steinberg noted the irony of Gary Gensler’s regulatory approach inadvertently fostering a robust ETF market, exceeding even the number of S&P 500 ETFs. St-Jean called the ETF wrapper a “game changer,” simplifying institutional investment decisions.
Andy Baehr cautioned that Bitcoin’s dominance might hinder the broader crypto ecosystem. He emphasized the need to explore beyond Bitcoin, highlighting opportunities in Layer 1 blockchains, infrastructure, and DeFi. He compared the current situation to the 1999 tech stock boom, suggesting ETFs could facilitate long-term crypto investment.
The panel acknowledged that institutional adoption is still in its early stages, with many firms undergoing due diligence. However, they stressed that continued infrastructure development, regulatory clarity, and diversified institutional products are crucial for wider acceptance. St-Jean highlighted the importance of staking products, Layer 1 investments, and broader index products.
Scaramucci remains optimistic, citing increasing capital inflow, copycat strategies, and Wall Street’s promotion of Bitcoin and crypto ETFs. He acknowledged political risks but suggested that the incentives are aligning for bipartisan support. Ultimately, the panel concluded that crypto’s transition to an asset class is inevitable, with the question being “when,” not “if.”
