Ric Edelman is quite bullish on cryptocurrencies.
Why Edelman is Bullish
“I’m bullish on it because Bitcoin is now 10 years old, it’s a $200 billion market in crypto total, Bitcoin is 40% of that. Clearly, it’s here to stay. There’s massive amounts of investment going into the blockchain, and cryptoassets specifically, and financial advisors, I am discovering, really don’t know much about it, no more than their clients do, which means advisors can’t effectively give advice to the clients that the clients need,” he says.
Edelman took that bullishness a step further
In fact, he just invested in crypto-asset manager, Bitwise. The company also received investments from TD Ameritrade and Virtu Financial.
“There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications,” said Edelman, as quoted by Financial Advisor magazine. “Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients.
What May Unlock Further Value in Cryptocurrency
While there is substantial investor interest in the wings, a Bitcoin ETF may be the key to unlocking the potential. “I am convinced the industry will meet the SEC’s requirements and will resolve the SEC’s concerns,” he adds.
“When is it going to happen. I don’t know. It could be one month or two years, but I am confident that one day, we’re going to see it happen so you have to be prepared for that now.”
The likelihood of approval is strong, we’d argue
All thanks to President Trump’s latest appointment of Republican Elad Roisman to the U.S. SEC. In fact, he may be the missing piece that could tilt the balance in favor of approval.
Commissioner Hester Peirce is likely to approve as well. Peirce is a well-known advocate of the ETFs, once saying she sees “no reason” why it should not happen.
In short, there are many reasons to be bullish on cryptocurrency, as Edelman points out.
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