Out of the blue, Ric Edelman, the esteemed financial advisor, gave his opinion on Bitcoin (BTC). He believes that his colleagues should get rid of their various prejudices about this cryptocurrency. They should also look at other cryptoassets with “open eyes” and “genuine curiosity”.
The brains behind the financial consulting firm Edelman Financial Engines is a well-established investor. So, of course, when Mr Edelman gives his opinion on cryptocurrencies, people sit up and take notice.
What does he think about cryptoassets in general? He says that they are a “completely new and different asset class.” This class has nothing to do with other assets such as stocks, bonds, oil, commodities, and other products on the market.
Sitting down with Yahoo Finance, he called Bitcoin and other cryptocurrencies “the first genuinely new asset class in about 150 years”. According to him, since gold, there has not been an asset class as innovative as digital currencies.
Considering that it is his duty to instill in his colleagues a passion for cryptocurrencies, he explained that he was helping to educate them about the need to be more open-minded. As you might expect, not all financial advisors see things the same way as Ric Edelman.
A recent study led by Opinium shows that 90% of the 200 independent financial advisors in the UK are not in favour of investing in cryptocurrencies. We have a long road ahead of us…
Without specifically referencing the results of the Opinium study, financial advisor Ric Edelman explains why many financiers find it difficult to have an “open mind” when talking about cryptocurrencies: “Most financial professionals have been in business a long time […] But the more experience, the more talent you have, the more difficult it is to get your head around Bitcoin.”
In his strategy to help financial advisors accept cryptoassets, Edelman recommends that they consider the technological foundations of cryptocurrencies. They are completely different from conventional technologies. This is “the most impactful business innovation since the development of the internet itself,” he says.
If all financial advisors shared the same view as Ric Edelman on cryptocurrencies, there is no doubt that we would all have much wider options for investing. But the CEO of Edelman Financial Engines does not despair. He continues to believe that one day many people will become aware of the importance of cryptoassets in the global economic ecosystem.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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