“三万亿美元就像杂志7股票，20万亿是资产类别”

“ Scaramucci的挑衅性基准为Coindesk的2025年会议上的激烈对话定下了基调”

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的创始人兼首席执行官Anthony Scaramucci说：“因此，如果您告诉我比特币可以达到500,000美元，那么人们将写文章，比特币是资产集。”

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的这种挑衅性基准为Coindesk共识2025会议上的激烈讨论定下了基调，在那里他加入了Wisdomtree首席执行官Jonathan Steinberg； 3IQ总裁兼首席执行官Pasqual St-Jean； Coindesk指数的Andy Baehr讨论了加密货币（尤其是比特币BTC $）是否终于成为真正的资产类别。

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

尽管小组成员们在很大程度上同意加密货币正在到达那里，但他们强调，制度验证​​的途径不仅需要价格升值。

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认为，比特币已经清除了许多传统资产必须达到的障碍，才能被机构认为可以投资，就像黄金一样。他说：“它具有对冲机制。它的包装纸不同。它容易理解。这是数字时代的数字黄金。”

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，这种可访问性与其他类型的加密资产（例如治理和公用事业令牌）形成鲜明对比，这对于机构分配者而言仍然很难掌握。

“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?”

他说：“当我们谈论治理令牌时，机构很难缠绕他们的思想。” “我到底拥有什么？”

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.

小组成员指出，将比特币ETF（尤其是在美国）引入，是加密货币迈向制度合法性之旅的转折点。

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首席执行官Jonathan Steinberg指出了前证券交易委员会（SEC）主席Gary Gensler如何无意中为高度竞争和成熟的市场创造了完美条件的讽刺意味。

“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说：“ Gensler创造了他在美国不想要的东西。比特币比标准普尔500 ETF的比特币ETP更多。他为比特币创造了一个非常有竞争力和成熟的基础，我认为这对于资产类别是应得的。”

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.

圣让同意了，将ETF包装纸称为“改变游戏规则的人”，尤其是对于比特币而言。它允许法律和合规部门退后一步，将其视为常规投资决定，为在机构中更广泛采用的道路铺平了道路。

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

尽管取得了进展，但安迪·贝尔（Andy Baehr）警告说，比特币的主导地位可能阻碍了更广泛的加密生态系统。

“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说：“加密资产类别有点陷入困境的事实，人们必须先了解这一巨大的奇异事物。” “但是您错过了真正的区块链技术，第1层，基础架构，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.

他将目前的时刻与1999年进行了比较，当时在线经纪公司将科技股带到了更广泛的投资者基础上。像那个时代一样，拥有足够的流动性工具（例如ETF）可以帮助建造加密货币空间的分配引擎，从而将重点从短期交易转移到长期投资。

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，小组成员承认，痛苦仍在增加。斯坦伯格说，许多机构仍在尽早进行，并补充说，尽管一些对冲基金已经过渡，但大多数大型分配者仍在学习资产类别。

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

小组成员强调，对广泛的资产级认可的最终推动很可能取决于持续的基础设施发展，监管清晰度和机构产品。

“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.

圣让说：“我们必须教育他们，如果解决基础设施问题，监管机构无权选择哪种资产类别。”

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.”

展望未来，他认为制定产品，第1层区块链投资和更多元化的指数产品至关重要。他说：“您只是拥有HTTP，”与早期的互联网协议平行地画了一个。 “他们了解的比特币，现在他们开始了解第1层。”

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仍然看涨。他说：“我们实际上可能还不够看好。”他指出，在策略的负责人和华尔街的“销售机器”现在推动比特币和加密货币ETF的“销售机器”之后，资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.

他补充说，尽管保留政治风险，尤其是加密货币成为美国政治中的热门纽扣问题，但激励措施正在为两党的支持而排队。

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

他说：“如果您将比特币达到500,000美元，他们不会说这是一种资产类别，他们会像对待一类。”

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.”

小组同意，无论是否达到目标目标：在那里，包装纸就到位了，机构终于出现了。加密从好奇心转变为资产类别不再是“如果”（即“何时”）的问题。