Scaramucci Claims Cryptocurrency Is Close to Becoming a Recognized Asset Class for Traditional Finance

“Three trillion resembles a top-tier stock, while twenty trillion constitutes a distinct asset category,” remarked Anthony Scaramucci, the founder and CEO of SkyBridge Capital. “If bitcoin is projected to reach $500,000, media narratives will emerge portraying bitcoin as an asset class.”

This bold assertion by Scaramucci framed an engaging discussion at CoinDesk’s Consensus 2025 conference, where he shared the stage with Jonathan Steinberg, CEO of WisdomTree; Pasqual St-Jean, President and CEO of 3iQ; and Andy Baehr of CoinDesk Indices to explore whether cryptocurrency, and specifically bitcoin, has genuinely established itself as a legitimate asset class.

While the panelists generally concurred that cryptocurrency is on the right trajectory, they stressed that institutional endorsement isn’t solely tied to rising prices.

Bitcoin Paves the Path

Pasqual St-Jean posited that bitcoin has fulfilled numerous criteria that traditional assets must meet to gain institutional appeal, akin to gold. “It has effective hedging methods. It comes in various structures. It’s relatively straightforward. It serves as digital gold in today’s digital landscape,” he emphasized.

This straightforwardness, he pointed out, contrasts sharply with other cryptocurrency types like governance and utility tokens, which institutions find more challenging to understand. “With governance tokens, it’s trickier for institutions to comprehend ownership,” he commented. “What precisely am I acquiring?”

The Impact of ETFs

The speakers highlighted the arrival of spot bitcoin ETFs—especially in the United States—as a significant milestone in the quest for institutional credibility in the crypto space.

Jonathan Steinberg noted the irony that the aggressive regulatory strategy of a former SEC Chair inadvertently created a competitive and robust market landscape. “Gensler produced what he sought to prevent in the U.S. There are now more Bitcoin ETPs than S&P 500 ETFs. He inadvertently fostered a competitive and mature environment for bitcoin, which is warranted for its asset class status,” Steinberg stated.

St-Jean echoed this sentiment, describing the ETF structure as a “transformative factor,” particularly for bitcoin. It enabled compliance departments to view it as a standard investment, thus facilitating broader institutional adoption, he explained.

Significance of Education and Diversification

Amid recent advancements, Andy Baehr cautioned that bitcoin’s prevailing dominance might stifle the overall growth of the cryptocurrency sector.

“The crypto sector faces limitations because a substantial singular asset overshadows it, making it complicated for investors to see what else is available,” Baehr remarked. “If you don’t delve deeper, you overlook important blockchain technologies, Layer 1 protocols, infrastructure, and decentralized finance,” he added.

He likened this scenario to 1999 when online traders broadened access to tech stocks, suggesting that liquidity mechanisms like ETFs could similarly steer crypto investments away from short-term speculation toward more sustainable, long-term strategies.

Nevertheless, the panelists acknowledged the inherent challenges in this evolution. Steinberg observed that many institutions are still in the initial research phases. Although certain hedge funds have begun investing, most large-scale investors are still learning.

Looking Forward

Panelists underscored that the ultimate acceptance of cryptocurrencies as a mainstream asset class hinges on ongoing advancements in infrastructure, clarity in regulations, and the introduction of institutional-grade products.

“We need to convince them that regulators cannot dictate which assets are worthy of investment once the infrastructure is established,” St-Jean said.

He suggested that products centered around staking, Layer 1 blockchain investments, and diversified indices will be crucial in advancing this acceptance. “Just as with owning basic web protocols, people are beginning to recognize bitcoin, and now they’re starting to grasp Layer 1s,” he noted.

Scaramucci maintained an optimistic perspective, suggesting, “Perhaps our bullishness should escalate.” He referenced the influx of investment into the sector, the surge of imitator investment strategies, and Wall Street’s increasing push for bitcoin and crypto ETFs.

Though uncertainties persist—particularly regarding the political landscape surrounding cryptocurrencies—he noted that incentives are aligning for bipartisan support. “If bitcoin reaches $500,000, it won’t just be considered an asset class; it will be treated as one,” he asserted.

Regardless of whether this price goal is achieved, the consensus among the panelists was clear: the groundwork is being laid, the necessary frameworks are being developed, and institutions are beginning to take notice. The metamorphosis of crypto from novelty to a recognized asset class is no longer a matter of “if,” but rather “when.”