The debate about the role of cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH), has intensified in recent months.

What until recently was perceived as an alternative and speculative market has been gaining an increasingly solid layer of legitimacy:

• Bitcoin is beginning to consolidate as a digital store of value.
• Ethereum is consolidating as a key technological infrastructure for the future of blockchain and asset tokenization.

Cryptocurrencies/blockchain: What has changed?

1. The extraordinary revaluation of Bitcoin to levels once thought impossible

In just a few years, Bitcoin has gone from being considered a marginal experiment to trading at levels that once seemed impossible. Each new all-time high not only reinforces the confidence of its supporters but also attracts the attention of institutional and retail investors who previously viewed it with skepticism. This revaluation has made Bitcoin an asset impossible to ignore within the global financial conversation.

Bitcoin has been the asset (if it can be called that, as we discuss below) with the highest returns in recent years.

2. Bitcoin, the “digital gold,” a new asset class?

The narrative of Bitcoin as “digital gold” has solidified. Its limited supply, censorship resistance, and independence from central banks position it as a safe-haven asset in times of geopolitical uncertainty or high inflation.

Although its volatility differentiates it from traditional gold, more and more voices now see it as a modern complement to the precious metal within diversified portfolios — and as one that will increasingly gain importance in the global asset mix, from $1 trillion up to $280 trillion (following Anglo-Saxon nomenclature), clearly surpassing gold, which stands at around $45 trillion. See projections by Michael Saylor, CEO of Microstrategy (infographic above).

Source: ARK invest

Not only that, but the valuations made by major advocates such as ARK invest are now more credible, as many of the hypotheses are coming true (see infographic above). As shown above, valuations in 2030 for 1 Bitcoin (not to be confused with its capitalization, see previous figures) range from $300,000 to $1,500,000. This is a multiple of 2.7x or 13.6x, respectively, of the value at which Bitcoin is trading at the time of writing.

It is from this perspective of potential new asset that we at inbestMe became interested in Bitcoin in the first place: if it was potentially a new asset class, as diversified portfolio managers we had to keep an eye on it.

3. The rise of ETFs

Since the approval of the first spot Bitcoin ETFs in the U.S. in January 2024, a steady flow of new investment vehicles has emerged.
To the futures ETFs, increasingly sophisticated spot versions with higher trading volumes have been added. This has represented a qualitative leap: now, large institutional funds, pension plans, and wealth managers can access Bitcoin within regulated and liquid frameworks.

In addition, an extensive list of ETPs in Europe now provides exposure to different cryptocurrencies or baskets of them. There are also ETFs or ETPs of companies linked to the Crypto/Blockchain infrastructure, which represent another way of gaining exposure to this world.

You can explore this topic in greater depth in our recent review in this post: the range of cryptocurrency and blockchain ETFs and ETPs in 2025.

4. Political and regulatory support

With the Trump administration, a new chapter has opened.

Since March 2025, the Trump government formalized a new approach: Bitcoin is now treated as a strategic reserve asset of the United States. Through an executive order —the Strategic Bitcoin Reserve— the retention of Bitcoin seized via judicial proceedings was institutionalized under Treasury custody, with no intention of selling it, thus consolidating its status as a long-term store of value. This measure seeks to position the U.S. as a leader in digital assets, equating crypto management with traditional reserves and providing it with institutional legitimacy.

Additionally, the announcement of the Genius Act, along with the idea of considering Bitcoin as part of the U.S. strategic reserve, adds an unprecedented political dimension. Beyond the rhetoric, the message is clear: cryptocurrencies are no longer a peripheral phenomenon but an asset with geostrategic relevance.

The Genius Act is the first federal law in the U.S. to specifically regulate stablecoins. The law establishes that only authorized entities may issue them, with full backing in liquid assets and regular audits, thereby ensuring their safety and transparency. It also grants priority to stablecoin holders in the event of insolvency and strengthens anti-money laundering controls. With this, not only is this instrument legitimized as a financial infrastructure, but the role of the digital dollar in the global payments ecosystem is consolidated.

Moreover, on July 31, 2025, SEC Chairman Paul Atkins presented Project Crypto, a comprehensive initiative designed to modernize the regulation of digital assets. Its goal is to transform U.S. financial markets by adopting instruments such as securities tokenization, “super-app” platforms that integrate trading, staking, and lending under a single license, and new clear definitions to classify assets as securities, stablecoins, or commodities. The initiative also promotes DeFi (decentralized finance) innovation and supports freedom of choice in custody and trading, in line with recommendations from a presidential report aimed at repositioning the U.S. as a global leader in financial technology.

Crypto and blockchain advocates now believe that all these initiatives imply the reinvention of Wall Street —comparable to the elimination of the gold standard at Bretton Woods and the creation of the U.S. dollar as the world’s reserve currency.

5. Institutional support

Although institutional support had already manifested before, thanks to all the above, it has increased significantly in the crypto/blockchain field.

• BlackRock, through its ETF (IBIT), has quickly become one of the largest indirect holders of Bitcoin. The entry of a player of this magnitude symbolizes what institutional support means: moving from a marginal asset to one present in the global financial architecture.
• Several financial institutions are setting milestones by incorporating blockchain and cryptographic solutions into their operations. For example, U.S. Bancorp has reactivated its Bitcoin custody service for institutional clients, following the regulatory relaxations in 2025. PNC Bank, meanwhile, has partnered with Coinbase to offer cryptocurrency trading services directly from its banking platform. Furthermore, banks like JPMorgan, Citigroup, Bank of America, and Wells Fargo are exploring the use of stablecoins and dollar-linked digital currencies —such as JPM Coin and joint projects for a “digital dollar”— to modernize cross-border payments and systems, under the new regulatory framework enabled by recent legislation. Goldman Sachs is also collaborating with BNY to tokenize money market funds.

Additionally, the Genius Act would allow what some call “the reinvention of Wall Street”: imagine all financial and even non-financial assets tokenized, available 24/7, and transferable transparently and immediately (and theoretically at no cost) through Blockchain infrastructures.

6. Crypto Treasury Companies: MicroStrategy and Bitmine

Alongside all these developments, or driven by them, the so-called crypto treasury companies have been growing.

These are companies that adapt their balance sheet and capital-raising capacity with the aim of multiplying their crypto exposure, using financial engineering and leverage to maximize their position in a given cryptocurrency and boost their stock market value.

Think of them as a way to gain indirect exposure to crypto through a listed stock that also seeks a multiple by efficiently doing so.

Two notable examples:

• MicroStrategy (MSTR): under the leadership of its pro-Bitcoin CEO, Michael Saylor, it has turned its balance sheet into a “corporate Bitcoin ETF,” accumulating more than 200,000 BTC. This is not only a management bet but also a strategic statement: using Bitcoin as a long-term reserve asset. The evolution of MSTR’s stock price has tracked —and even outperformed— Bitcoin itself since 2023.
• Bitmine: BitMine Immersion Technologies has undergone a remarkable shift in recent weeks: from being a traditional Bitcoin mining company, it pivoted to an aggressive strategy of Ethereum (ETH) accumulation. In just a few months, its ETH holdings skyrocketed, surpassing 830,000 tokens valued at nearly $3 billion, positioning it as the public company with the largest Ethereum treasury in the world. Its goal: to reach up to 5% of the total ETH supply, which Tom Lee, chairman of the board, has dubbed the “alchemy of 5%.” This strategy is financed through stock issuance ($250 million initially, with an expansion of up to $20 billion underway) and buyback programs, all aimed at maximizing its strategic exposure to Ethereum and leveraging its staking, stablecoin, and DeFi growth capabilities, also endorsed by ARK Invest.

These two companies are just examples of Crypto Treasury Companies, but many others are competing in this space, and there are now more than 130 of them, most in the U.S. In Japan, Metaplanet stands out.

7. The role of Stablecoins and CBDCs

Another parallel phenomenon is the rise of stablecoins (such as USDT, USDC, etc.), which function as digital bridges to the dollar (or other currencies like the euro) and facilitate daily operations within the blockchain ecosystem.
Their growth reflects not only speculative demand but also an increasingly real use as a means of payment and a source of global liquidity.

The Genius Act, recently passed in the U.S., also provides a clear regulatory framework requiring full backing in liquid assets, periodic audits, and priority for holders in the event of insolvency, thereby reinforcing their legitimacy as financial infrastructure.

At the same time, central banks around the world are exploring CBDCs (Central Bank Digital Currencies), digital versions of their fiat currencies.
Unlike decentralized cryptocurrencies such as Bitcoin or Ethereum, CBDCs are controlled by monetary authorities and aim to modernize payment systems, increase traceability, and reduce transaction costs.

Countries like China (with the digital yuan), the European Central Bank (with the future digital euro), and also the United States, which is studying a digital dollar supported by the Genius Act and regulated stablecoin projects, are advancing in this direction.

All of this reinforces the idea that blockchain infrastructure and digital assets are inevitably being integrated into the financial system of the future.

What remains unchanged: volatility

Despite all these advances, cryptocurrencies and all associated assets remain highly volatile in general (excluding stablecoins).
Double-digit moves within weeks are still common. This is a reminder that, although institutionalization is advancing, the asset still operates in a terrain different from traditional asset classes —both for the good (sometimes in the form of high returns) and the bad (high volatility, meaning large swings up and down).

It is true that volatility has moderated, and strong advocates believe it will continue to do so as the most relevant cryptocurrencies, especially Bitcoin and Ethereum, gain more volume.

inbestMe’s vision

At inbestMe we have been following this phenomenon for years —not in depth, but consistently:

• In 2018 we explained in simple terms what Bitcoin and blockchain were, how, how much, and why to invest in Bitcoin, and about Bitcoin futures.
• In 2021 we reviewed the different ways of gaining exposure to Bitcoin.
• In 2022 we asked ourselves whether “Haven’t you bought Bitcoins yet?” was the right question for the small investor.
• In 2024 we analyzed the arrival of Bitcoin ETFs in the U.S.

Now, although we believe that for most investors, especially those who start investing early, it is not essential to incorporate cryptocurrencies into their portfolio, we have allowed the allocation of a percentage to Bitcoin (or crypto) within our Advanced portfolios for clients/portfolios with more than €/$100,000 —investors who are somewhat more sophisticated and with some financial capacity and appetite for risk.

• At the time, we spoke of a 3% allocation as a reasonable guideline;
• today, in the new context, we consider that this range can be more flexible, reaching up to 5%.

We also recognize that there are more aggressive views that defend much higher allocations to everything related to crypto and blockchain. For some investors, a more aggressive exposure may be considered a faster and even essential way of achieving certain financial goals —especially now that 100-year lifespans require accumulating more capital at the time of retirement.

This, undoubtedly, is something to consider, but each investor must evaluate it according to their goals and risk profile. Clearly, it requires accepting high volatility and having a very high risk appetite.

If this is something you are considering, do not hesitate to contact the inbestMe support team (cs@inbestme.com).

Conclusion on Cryptocurrencies in 2025

Cryptocurrencies are living through a moment of historical validation:

• Bitcoin, if it is not already, is approaching the status of a strategic reserve.
• Ethereum is consolidating as infrastructure for the digital future.
• ETFs and institutional/political support reinforce its legitimacy.
• Stablecoins are consolidating their role as supporting infrastructure for the ecosystem.

And, at the same time, although somewhat reduced, volatility persists as a reminder that we are still not dealing with a fully mature asset or one with entirely unique characteristics.

At inbestMe, we remain attentive to the evolution of the crypto/blockchain world, with the conviction that diversification continues to be the best guide for the long-term investor.

We also believe that an investor who wants to add exposure to crypto/blockchain should acquire a minimum level of knowledge about this world. For this reason, in addition to this article and the articles we have been sharing, in the annex we propose certain readings that can help broaden our knowledge and take a more informed position.

Meanwhile, if you are interested in having an allocation to cryptocurrencies/blockchain —and especially Bitcoin or Ethereum (the two most relevant cryptos)— within the framework of an Advanced portfolio at inbestMe, do not hesitate to contact the inbestMe support team (cs@inbestme.com).

Annex: information on cryptocurrencies and blockchain

On the internet, favorable information dominates, since “crypto bros” are usually very active.
It is important to try to distinguish between information and propaganda, although this is admittedly not easy.

The following proposed resources are not an exhaustive list, but rather a sample.
On YouTube you can find videos and channels fully dedicated to the subject.

Here we share information that we find at least relevant to read or watch —always with the skepticism of understanding from what perspective and with what interest the person transmitting it has in the subject.

In favor of Bitcoin, Ethereum, cryptocurrencies and blockchain

Author / Source	Work / Publication	Year	Focus	Thesis
Saifedean Ammous	The Bitcoin Standard	2018	Bitcoin	“Digital hard money”; successor to gold.
Camila Russo	The Infinite Machine	2020	Ethereum	History of ETH and Vitalik.
Andreas M. Antonopoulos	Mastering Bitcoin	2014	Bitcoin	Technical guide and defense of decentralization.
Vitalik Buterin	Ethereum Whitepaper	2014	Ethereum	Smart contracts and the “world computer.”
Fidelity	Bitcoin First	2022	Bitcoin	BTC as a unique monetary asset.
Lyn Alden & M. J. Alonso	Broken Money	2025	Money / BTC	Diagnosis of the monetary system and BTC as a solution.
Tom Lee (BitMine Immersion)	Investor Presentation	2025	Ethereum	ETH as a “1971 moment”; institutional bet.
Michael Saylor (MicroStrategy)	The 21 Advantages of Bitcoin	2021	Corporate Bitcoin	BTC as a superior asset (scarcity, portability, durability, etc.).
Balaji Srinivasan	The Network State	2022	Blockchain & society	Communities/states in network enabled by crypto.
Bitcoin Magazine	Bitcoin Magazine	2012–	Bitcoin	Dissemination and pro-BTC analysis.

Criticism of Bitcoin, Ethereum, cryptocurrencies and blockchain

Author / Source	Work / Publication	Year	Focus	Main stance
Stephen Diehl, Jan Akalin, Darren Tseng	Popping the Crypto Bubble	2022	Crypto & blockchain	Crypto as a bubble with financial and social risks.
David Gerard	Attack of the 50 Foot Blockchain	2017	BTC, ETH, ICOs	Critical history; highlights fraud and unfulfilled promises.
Zeke Faux	Number Go Up	2023	Stablecoins, FTX	Critical investigation of Tether and collapses.
ECB (European Central Bank)	Bitcoin’s last stand	2022	Bitcoin	Not suitable as a means of payment or investment.
Nassim Taleb	Bitcoin Black Paper	2021	Bitcoin	Fails as money and safe haven.
Alex de Vries (Digiconomist)	Bitcoin Energy Consumption Index	2018–	Bitcoin energy	Estimates of high consumption and CO₂.
Dan Olson (Folding Ideas)	Line Goes Up (YouTube)	2022	NFT/crypto	Cultural and economic critique.