“三萬億美元就像雜誌7股票，20萬億是資產類別”

“ Scaramucci的挑釁性基準為Coindesk的2025年會議上的激烈對話定下了基調”

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 articles that bitcoin is an asset class.”

Skybridge Capital的創始人兼首席執行官Anthony Scaramucci說：“因此，如果您告訴我比特幣可以達到500,000美元，那麼人們將寫文章，比特幣是資產集。”

That provocative benchmark from Scaramucci set the tone for a lively discussion at CoinDesk’s Consensus 2025 conference, where he joined Jonathan Steinberg, CEO of WisdomTree; Pasqual St-Jean, President and CEO of 3iQ; and Andy Baehr of CoinDesk Indices to discuss whether crypto, particularly bitcoin BTC$, has finally become a bona fide asset class.

Scaramucci的這種挑釁性基準為Coindesk共識2025會議上的激烈討論定下了基調，在那裡他加入了Wisdomtree首席執行官Jonathan Steinberg； 3IQ總裁兼首席執行官Pasqual St-Jean； Coindesk指數的Andy Baehr討論了加密貨幣（尤其是比特幣BTC $）是否終於成為真正的資產類別。

While panelists largely agreed that crypto is getting there, they emphasized that the path to institutional validation requires more than just price appreciation.

儘管小組成員們在很大程度上同意加密貨幣正在到達那裡，但他們強調，制度驗證​​的途徑不僅需要價格升值。

Pasqual St-Jean argued that bitcoin has already cleared many of the hurdles that traditional assets must meet to be deemed investable by institutions, much like gold. “It has hedging mechanisms. It has different wrappers. It’s a little bit easier to understand. It’s a digital gold for a digital age,” he said.

Pasqual St-Jean認為，比特幣已經清除了許多傳統資產必須達到的障礙，才能被機構認為可以投資，就像黃金一樣。他說：“它具有對沖機制。它的包裝紙不同。它容易理解。這是數字時代的數字黃金。”

This accessibility, he noted, stands in contrast to other types of crypto assets, such as governance and utility tokens, which remain more difficult for institutional allocators to grasp.

他指出，這種可訪問性與其他類型的加密資產（例如治理和公用事業令牌）形成鮮明對比，這對於機構分配者而言仍然很難掌握。

“When we talk about governance tokens, it’s a little harder for institutions to wrap their minds around,” he said. “What exactly am I owning?”

他說：“當我們談論治理令牌時，機構很難纏繞他們的思想。” “我到底擁有什麼？”

The panelists pointed to the introduction of spot bitcoin ETFs — especially in the U.S. — as a turning point in crypto’s journey toward institutional legitimacy.

小組成員指出，將比特幣ETF（尤其是在美國）引入，是加密貨幣邁向制度合法性之旅的轉折點。

Jonathan Steinberg, CEO of WisdomTree noted the irony in how former Securities and Exchange Commission (SEC) Chair Gary Gensler’s enforcement-heavy approach inadvertently created the perfect conditions for a highly competitive and mature market.

WisdomTree首席執行官Jonathan Steinberg指出了前證券交易委員會（SEC）主席Gary Gensler如何無意中為高度競爭和成熟的市場創造了完美條件的諷刺意味。

“Gensler created just what he didn't want in the US. 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,” Steinberg said.

Steinberg說：“ Gensler創造了他在美國不想要的東西。比特幣比標準普爾500 ETF的比特幣ETP更多。他為比特幣創造了一個非常有競爭力和成熟的基礎，我認為這對於資產類別是應得的。”

St-Jean agreed, calling the ETF wrapper a “game changer,” particularly for bitcoin. It allowed legal and compliance departments to step back and treat it as a regular investment decision, paving the way for broader adoption among institutions.

聖讓同意了，將ETF包裝紙稱為“改變遊戲規則的人”，尤其是對於比特幣而言。它允許法律和合規部門退後一步，將其視為常規投資決定，為在機構中更廣泛採用的道路鋪平了道路。

Despite the progress made, Andy Baehr warned that bitcoin’s dominance may be hindering the broader crypto ecosystem.

儘管取得了進展，但安迪·貝爾（Andy Baehr）警告說，比特幣的主導地位可能阻礙了更廣泛的加密生態系統。

“The crypto asset class is a bit hamstrung by the fact that there’s this giant singular thing standing there that people have to understand first,” Baehr said. “Yet you miss out on real blockchain technology, Layer 1s, infrastructure, DeFi—if you don’t dig deeper.”

Baehr說：“加密資產類別有點陷入困境的事實，人們必須先了解這一巨大的奇異事物。” “但是您錯過了真正的區塊鏈技術，第1層，基礎架構，Defi - 如果您不深入挖掘。”

He compared the present moment to 1999, when online brokerages brought tech stocks to a wider investor base. Like that era, having sufficient liquidity vehicles such as ETFs could help build allocation engines for the crypto space, shifting the focus from short-term trading to long-term investing.

他將目前的時刻與1999年進行了比較，當時在線經紀公司將科技股帶到了更廣泛的投資者基礎上。像那個時代一樣，擁有足夠的流動性工具（例如ETF）可以幫助建造加密貨幣空間的分配引擎，從而將重點從短期交易轉移到長期投資。

However, the panelists acknowledged that there are still growing pains. Many institutions are still early in their due diligence, according to Steinberg, adding that while some hedge funds have made the transition, most large allocators are still learning about the asset class.

但是，小組成員承認，痛苦仍在增加。斯坦伯格說，許多機構仍在儘早進行，並補充說，儘管一些對沖基金已經過渡，但大多數大型分配者仍在學習資產類別。

Panelists emphasized that the final push toward broad asset-class acceptance will likely depend on continued infrastructure development, regulatory clarity and institutional products.

小組成員強調，對廣泛的資產級認可的最終推動很可能取決於持續的基礎設施發展，監管清晰度和機構產品。

“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.

聖讓說：“我們必須教育他們，如果解決基礎設施問題，監管機構無權選擇哪種資產類別。”

Looking ahead, he argued that staking products, Layer 1 blockchain investments and more diversified index products will be critical. “You just own HTTP,” he said, drawing a parallel to early internet protocols. “Bitcoin they understand, now they’re starting to understand Layer 1s.”

展望未來，他認為製定產品，第1層區塊鏈投資和更多元化的指數產品至關重要。他說：“您只是擁有HTTP，”與早期的互聯網協議平行地畫了一個。 “他們了解的比特幣，現在他們開始了解第1層。”

Scaramucci, for his part, remains bullish. “We may not actually be bullish enough,” he said, pointing to the explosion of capital in the space, the wave of copycat strategies following Strategy’s lead and Wall Street’s “selling machine” now pushing bitcoin and crypto ETFs.

Scaramucci仍然看漲。他說：“我們實際上可能還不夠看好。”他指出，在策略的負責人和華爾街的“銷售機器”現在推動比特幣和加密貨幣ETF的“銷售機器”之後，資本爆炸爆炸是模仿策略的浪潮。

He added that while political risks remain, particularly with crypto becoming a hot-button issue in U.S. politics, the incentives are lining up for bipartisan support.

他補充說，儘管保留政治風險，尤其是加密貨幣成為美國政治中的熱門鈕扣問題，但激勵措施正在為兩黨的支持而排隊。

“If you get bitcoin to $500,000, they won’t say it’s an asset class—they’ll treat it like one,” he said.

他說：“如果您將比特幣達到500,000美元，他們不會說這是一種資產類別，他們會像對待一類。”

Whether or not that price target is reached, the panel agreed: the foundation is there, the wrappers are in place, and institutions are finally showing up. Crypto’s transformation from curiosity to asset class is no longer a question of “if”—just “when.”

小組同意，無論是否達到目標目標：在那裡，包裝紙就到位了，機構終於出現了。加密從好奇心轉變為資產類別不再是“如果”（即“何時”）的問題。