Key Takeaways
- A Baird strategist’s claim that crypto has become “irrelevant” has sparked backlash.
- Critics like Bloomberg analyst Mike McGlone and Peter Schiff continue to question Bitcoin’s long-term value.
- Institutional adoption remains a key counterpoint.
A senior strategist at Baird has sparked a fresh debate over the relevance of crypto, declaring the sector has faded into obscurity — a view that drew sharp backlash from Bitcoin supporters and industry figures.
Michael Antonelli, a market strategist at Baird, wrote on X that it was “remarkable” how quickly crypto had become “irrelevant,” questioning whether the technology had delivered any meaningful real-world adoption.
Baird Strategist Questions Crypto’s Impact
Antonelli argued that, beyond functioning as a payment system, crypto had failed to produce widely adopted use cases.
“No one built a single thing on it that gained widespread adoption (I guess other than just a payment platform),” he wrote.
The strategist added that earlier claims that crypto would replace the US dollar now appear “laughable.”
His remarks reflect a broader skepticism among some traditional finance professionals, particularly as crypto markets have struggled at times to reclaim previous all-time highs.
Earlier in April, Bloomberg Intelligence analyst Mike McGlone reiterated his long-standing view that Bitcoin could fall back toward $10,000.
McGlone argued that Bitcoin’s price remains influenced by the extraordinary monetary stimulus of 2020–2021 and may be reverting to historical norms.
He pointed to $10,000 as a key equilibrium level, citing its significance as a heavily traded zone since the launch of Bitcoin futures in 2017.
Crypto Community Pushes Back
Antonelli’s comments were quickly challenged by crypto advocates, who pointed to ongoing development and use cases across the sector.
One Bitcoin-focused account highlighted the ability to send money globally “in an instant” at lower costs than traditional payment systems, as well as the emergence of decentralized financial infrastructure.
“Plenty of things are being built… including the foundations for the future tokenisation of every traditional asset,” the user wrote.
Bitcoin reporter Joe Nakamoto offered a more direct rebuttal emphasizing the original purpose of the technology.
“It’s a peer-to-peer cash system you muppet. Send money around the world with no middleman,” he wrote. “It’s done what it says it’ll do from day dot.”
Crypto influencer Wendy O pointed to growing institutional interest, particularly in exchange-traded funds (ETFs).
“Traditional financial industry Giants are very excited about crypto and Bitcoin ETFs,” she wrote. “They are patiently waiting on Crypto market structure before expanding any further.”
Adding: “This is just the beginning”
Peter Schiff’s Long-Running Criticism
The debate comes as longtime Bitcoin critic Peter Schiff continues to question the asset’s long-term performance.
Schiff argues that Bitcoin has underperformed traditional assets over the past five years, citing stronger returns in equities and precious metals.
His remarks are part of a long history of bearish calls on Bitcoin, with data showing he has declared the asset “dead” more than 20 times since 2011 — more than any other prominent critic.
Despite those repeated warnings, Bitcoin has risen dramatically over the long term, a point frequently raised by supporters who accuse Schiff of focusing on selective timeframes.
His criticism has drawn responses from a range of industry figures, including Strategy Executive Chairman Michael Saylor, who argued that Bitcoin remains the top-performing major asset when viewed over different periods.
Institutional Adoption Gathers Pace
Even as skepticism persists, institutional interest in crypto has continued to grow, as large asset managers continue to position crypto as a long-term growth area.
BlackRock, the world’s largest asset manager, has signaled increasing commitment to the sector
In his 2026 annual letter, Chief Executive Larry Fink said the firm could generate up to $500 million in annual revenue from its crypto business within five years.
The firm now oversees close to $150 billion in digital asset-linked products, placing crypto alongside other key growth areas such as private markets and active exchange-traded funds.
Other major institutions, including Fidelity, have also expanded their digital asset offerings, reflecting a broader industry trend toward integration rather than retreat.
At the same time, the development of blockchain-based infrastructure — including tokenisation of traditional assets — is making digital assets more accessible and functional.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
