What Would It Take?
Bitwise Asset Management
Leading provider of index funds in the crypto space.
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How I recently convinced one thoughtful skeptic to buy bitcoin.
Earlier this month, I gave the closing speech on Day 1 of a national wirehouse conference.
That in itself is notable.
The big four wirehouses—Merrill Lynch, Morgan Stanley, Wells Fargo and UBS—control over $10 trillion in client assets. And by and large, these platforms have not yet allowed their advisors to easily access bitcoin ETFs. As my keynote invitation suggests, that’s changing fast.
In fact, I suspect all four wirehouses will be open for business on bitcoin ETFs by the end of the year. It’s one of the reasons I still expect bitcoin ETFs to set a new record for net inflows this year, despite pulling in “just” $3.7 billion so far in 2025, compared to $35 billion in 2024.
But I’m not writing this to make a point about wirehouses. Instead, I want to share a story about one person in the audience.
“What Would I Be Left With?”
The best part of giving a speech comes at the end. You walk off the stage—hopefully to applause—and are typically surrounded by a group of people who want to ask follow-up questions.
These questions are the best.
After this event, one person waited patiently as 20-30 others took their turns asking questions. When they finished, he said:
“I heard what you said, and it made a lot of sense to me. But I just can’t get over the hump.”
It’s a common sentiment. People intellectually understand the case for bitcoin and find it compelling, but something stops them from buying.
After exploring his concerns a bit, we figured out what the “something” was: He was worried about what would happen to bitcoin if everyone stopped believing in it.
“What would it be worth if the music stopped?” he asked.
The answer, of course, is nothing. If no one in the world wants to own bitcoin, the value of bitcoin is zero.
I suggested this was also true of gold and other assets, but he maintained it wasn’t the same. And he may be right. With gold, you still have the shiny physical thing. With bitcoin, you have … literally nothing.
If I’m being completely honest, I’ve had the same thought before, and I suspect most bitcoiners have, too. The intangible nature of bitcoin is a challenge.
My Suggestion: Write It Down
My new friend was about to leave, still looking conflicted, when I asked him a simple question:
What would it take?
In other words, what would he have to see to believe that bitcoin is here to stay?
For some people, the way they answer this question helps them see that they will never buy bitcoin. If you’re waiting for bitcoin to be more accepted than gold … or for its volatility to get close to zero … you’re never going to buy bitcoin.
But if you don’t have those blockers, it’s worth asking seriously: What would it take?
Whatever it is, write it down. Because if you go back even a few years, what we thought it would take—like the U.S. government owning bitcoin or the largest asset manager in the world embracing the asset—seemed far-fetched. But here we are.
My friend thought about it for a moment, took a deep breath, and said, “I’m going to buy bitcoin.”
I think a lot of people are going to come to the same conclusion this year.
Risks and Important Information
No Advice on Investment; Risk of Loss: Prior to making any investment decision, each investor must undertake its own independent examination and investigation, including the merits and risks involved in an investment, and must base its investment decision—including a determination whether the investment would be a suitable investment for the investor—on such examination and investigation.
Crypto assets are digital representations of value that function as a medium of exchange, a unit of account, or a store of value, but they do not have legal tender status. Crypto assets are sometimes exchanged for U.S. dollars or other currencies around the world, but they are not currently backed nor supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies, stocks, or bonds.
Trading in crypto assets comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks and risk of losing principal or all of your investment. In addition, crypto asset markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
Crypto asset trading requires knowledge of crypto asset markets. In attempting to profit through crypto asset trading, you must compete with traders worldwide. You should have appropriate knowledge and experience before engaging in substantial crypto asset trading. Crypto asset trading can lead to large and immediate financial losses. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price.
The opinions expressed represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events, or a guarantee of future results, and are subject to further discussion, completion and amendment. The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.
Crypto Accountant | Blockchain Finance & Digital Asset Tax Specialist
10hThis story perfectly illustrates the internal conflict many feel about investing in Bitcoin. While the intangible nature of Bitcoin can be a hurdle, the increasing institutional adoption, regulatory developments, and growing corporate involvement make it clear that Bitcoin is becoming an integral part of the global financial system. As more large asset managers, institutions, and even governments embrace it, the case for Bitcoin continues to strengthen. The question of "What would it take?" is a valuable one, as it helps us realize how far Bitcoin has come and how much further it’s likely to go.