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Linda | Ric responded, November 28, 2023fryoneusa2023-11-28T23:16:34-05:00
Nothing protects anyone from panic selling, leading to “runs” and massive declines in prices or, in the case of insured bank deposits, liquidity. Sure, bank accounts of $250,000 or less are insured by FDIC – but that doesn’t help you if the bank is closed and the ATM is empty.
SIPC does not protect against investment losses; it only replaces shares lost if the custodian collapses; the shares themselves might still be worthless.
No one should ever invest in anything because of so-called “government insurance.” If you are unwilling to risk loss of your investment, don’t invest. Period.
Linda | Ric responded, November 28, 2023fryoneusa2023-11-28T23:15:51-05:00
If yours is a cold wallet, you are immune to cyber viruses – because your wallet, by definition, is not connected to the internet. But eventually, you will connect that cold wallet to the internet (to sell or transfer your coins), and at that point, your cold wallet becomes a hot wallet – and subject to the risks you describe. There’s no way to avoid this risk, but I’d consider it to be extremely low – so low that you never hear about incidents such as those you describe. I think you’re catastrophosizing – scaring yourself by focusing on unlikely events instead of focusing on more realistic events (such as bitcoin quintupling in price). You might as well suffer insomnia by worrying about asteroids hitting Earth.
Joseph | Ric responded, November 28, 2023fryoneusa2023-11-28T23:14:54-05:00
You didn’t ask me about your strategy of borrowing from your retirement account to invest in crypto, so I can’t weigh in on what you ought to do now.
BTW and FWIW, IMHO, I would never recommend borrowing against retirement savings to invest. If you’re wrong, not only do you lose money on the investment, you incur interest expenses on the loan – and because the money came from your retirement plan, you risk losing your future financial security. Three reasons not to do what you did – which I would have said had you asked before you did it.
Allen | Ric responded, November 28, 2023fryoneusa2023-11-28T23:12:38-05:00
I doubt there will be much if any selling, and even if there was, it wouldn’t be expected to alter the price of the fund.
People who bought BITW did so because they wanted a diversified portfolio of crypto. If they only wanted to own bitcoin, they could have bought GBTC or OBTC. So the new bitcoin ETFs won’t impress them – they’d have to go from owning 10 coins to owning just one. Why would any of them want to do that (and incur tax liability along the way)?
Even if large numbers of BITW owners did that, it wouldn’t likely affect the fund’s NAV. That’s because there’d be too few – relative to the crypto universe – to move the price. And since half the fund is in bitcoin in the first place, they’d merely be selling BTC from one fund to buy it in another – a zero-effect trade.
I’m going to continue holding my BITW, with no worries.
Todd | Ric responded, November 27, 2023fryoneusa2023-11-28T11:01:27-05:00
Yes, Todd. All ETFs are eligible for investment inside any type of IRA as as self-directed 401(k) accounts (which are available in many employer plans). You’re buying shares of an ETF, and ETFs are securities, and securities are permitted inside retirement accounts. You’re not buying bitcoin when you buy a spot bitcoin ETF. Same when you buy stock ETFs – you’re not buying shares of stock; you’re buying shares of the ETF, which is buying the stocks or the bonds or the real estate or the gold or the bitcoin or whatever. Simple, easy. This is why there’s going to be such a large asset flow into these ETFs – most people have most of their money in IRA and while they can’t easily use that money to buy bitcoin, they can use it to buy these ETFs.
Note that I said “easily.” There are actually qualified crypto IRA custodians – my favorite is Choice, where I have accounts and am an investor – that do let you buy bitcoin, Ethereum and dozens of other digital assets (as well as cows and horses, but that’s another story). Most people will start with these new spot bitcoin ETFs but they’ll soon realize that all they’re getting is bitcoin. If you want more diversification, you’ll want to look at Choice.
Anonymous | Ric responded, November 18, 2023fryoneusa2023-11-18T15:18:54-05:00
I’ve asked my colleague and CBDA faculty member Jacki Roach, who’s a leading expert in NFTs for her thoughts on this. She notes that online learning platforms (Coursera, Udemy, LinkedIn Learning) have classes about NFT art (creating collections, the minting process, listing on an NFT marketplace such as OpenSea or Rarible, and business strategies for marketing NFTs.
2021 and 2022 saw a boom in NFT art activity, but the crypto winter has pretty much killed the NFT art market, at least for now. Jacki says there is no lucrative way to sell NFT art at this time. Successful artists are partnering with each other, pitching their work on Twitter Spaces, and building a community of followers on social platforms like Discord.
OpenSea, the most well-known NFT marketplace, has tutorials and resources that explains minting and creating a collection. This is a good place to start. Platforms like Foundation.app cater to the fine art sector and can also be helpful in gaining knowledge. Now might be the right time to start, since prices have bottomed out. The contrarian strategy says it’s best to engage when no one else wants to.
Once you complete one of the tracks in the CBDA program, you are entitled to use the CBDA designation.
Anonymous | Ric responded, November 3, 2023fryoneusa2023-11-06T10:34:52-05:00
The NFT market for digital artwork – such as Bored Apes, Crypto Kitties and NBA Top Shots – has collapsed. It seems these were fads, similar to Beanie Babies. It remains to be seen whether prices for these NFTs will recover.
The price collapse of that market coincided with the crash of bitcoin, Ethereum and other digital assets. However, in the past year, prices for these coins has risen sharply – bitcoin is up 100% so far this year – while prices for most NFTs remains at or near lows. The common viewpoint is that attention is focused on the commercial uses for BTC, ETH and other coins – uses that hyped NFT art lack. There is also an increasing engagement in crypto by institutional investors and governments, and they are focused on primarily on BTC, ETH and stablecoins. This trend is expected to continue.
Meanwhile, there is a new level of interest in NFTs, but of a more commercial nature than the creation and sale of digital art. This is now referred to as the RWA – the tokenization of Real World Assets. Starbucks now distributes rewards to its Loyalty Program members via NFTs; Breitling gives all its watches an NFT so owners can track the provenance of its timepieces; The Norwegian Seafood Assn and Italy’s Parmigiano Reggiano are encoding their products with NFTs to combat forgeries, WalMart is encouraging lettuce growers to track their crops with blockchain technology to reduce the risks of exposure to salmonella, and the state of West Virginia is recording and distributing automobile titles as NFTs, a practice being adopted by other states. These are just a few examples of the uses of NFTs – demonstrating that this technology is alive and well and rapidly growing.
One of the biggest growth areas for NFTs in securities. Franklin Templeton has released the first-ever tokenized money market fund, and release of ETF shares as NFTs is under development by them and others. It’s projected that NFTs will begin to replace mutual fund and ETF shares this decade – a massive achievement for a $30 trillion industry, with huge implications for the financial services industry.
Given all this, will none of the Bored Ape NFTs ever again enjoy investor interest? Hard to believe, but we’ll see.
The Certificate in Blockchain and Digital Assets is listed as a professional designation by FINRA. This means you are entitled to use the CBDA designation – Certified in Blockchain and Digital Assets – just like other professional designations, such as CPA, CFA and CFP®. As with all designations, consult your compliance department regarding usage.
Anthony | Ric responded, September 13, 2023fryoneusa2023-09-13T13:22:09-04:00
Perfect storm? I think you mean the opposite – stars aligned. Yes, there are lots of great developments underway. You mention only two: the halving in 2024, and the spot bitcoin ETFs (which might come to market any day, not necessarily in 2024). I’d add: new legislation on stablecoins (and PayPal’s introduction of one), Ripple’s victory in its lawsuit against the SEC, the likelihood that the SEC will also lose its case agbainst Grayscale, Coinbase winning approval to trade futures…the list goes on and on. I did a podcast on the ETF situation last week and am releasing a white paper on it on Monday, too.
Bill K | Ric responded, September 13, 2023fryoneusa2023-09-13T13:20:43-04:00
The following by Peter Zeihan on August 31, 2023:
“With all the buzz around central banks starting digital currencies and one of these entities controlling all transactions, I think it’s about time I burst everyone’s bubble…
Fintech has blown up because it slims down the traditional money transfer process and removes some of the associated fees, meaning you can transfer money faster and cheaper. However, the Federal Reserve will wipe out most fintech startups within the next five years with their service – FedNow.
FedNow allows for the instantaneous clearing of funds when transferred using the Fed as the intermediary. Oh, and it’s functionally free. Put the hype for this or that financial product – whether crypto or otherwise – to the side for a minute and dwell on how said systems might compete with free, immediate, and from the source. Queue the gnashing of teeth.
What we’re seeing in China is different from this. They’ve married digital currency to social currency scores, making Orwell look alright. This could never happen in the US, but if China continues down this road, its entire financial space will be under the government’s thumb. Any dynamism left in the Chinese economy will be stamped out fairly quickly if this continues.”
Bill,
I’m not familiar with that gentleman, and haven’t read/heard his content. I’m struggling to make sense of the clip you provided. I do agree that FedNow is an important project that will have lots of implications, but I fail to see how that has anything to do with bitcoin. Bitcoin is an asset, like stocks, gold and real estate. All of these are stores of value; people buy they because they believe that they will retain (and increase in) value. The Fed prints money, like cash. Cash and stores of value peacefully coexist; in fact, they support each other.
Many people continue to believe that bitcoin’s sole purpose is a replacement for money. It’s not. It’s a store of value, alongside all other stores of value. Saying bitcoin is dead because of FedNow suggests a basic misunderstanding of crypto.
Ric
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Crypto represents the first new asset class in 170 years. (The last time an asset class was introduced was the discovery of oil in the 1850s.)
This innovative technology, widely regarded as “Internet 3.0”, is projected to impact commerce on a global scale – allowing businesses to operate faster, cheaper and safer than ever. The resulting financial planning and investment implications demand attention.
This is why you need to become fluent in crypto, and the fastest, easiest and most effective way to do so is to obtain your CBDA designation. By doing so, you’ll become knowledgeable about crypto, and displaying your Certification will let you promote your achievement with your clients and prospective clients – helping you build your career.
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Jim Krebec, CFP®, President, CIC Investment Consultants | Ric Responded December 30, 2021fryoneusa2023-08-17T12:40:00-04:00
If you’re simply listing asset classes such as stocks and bonds, I see no issue with also mentioning digital assets (I wouldn’t mention bitcoin specifically) – just as I’d see no issue with mentioning other asset classes, such as real estate or gold. I’d have my compliance department approve any ad before using it, to make sure the proper disclosures are present; you want to be clear if you’re offering an asset or a security investing in that asset (a REIT vs real estate, or gold ETF vs gold, or GBTC vs bitcoin). And be sure you’re not violating your firm’s “selling away” rules.
Lars Larsen, ChFC®, President, Heritage Financial North | Ric responded December 30, 2021fryoneusa2023-08-17T12:39:59-04:00
OTC products will likely be of little interest to investors after ETFs become available. That’s why all the OTC sponsors have committed to converting their OTC securities to ETFs. Makes sense. And that offers investors an arbitrage play: GBTC, for example, is trading at a discount. If it converts to an ETF, theoretically that discount would vanish – giving GBTC owners a nice little bump! Of course, this depends on the conversion occurring.
Trey Barnes, Sr. Wealth Advisor, Mariner Wealth Advisors | Ric Responded December 16, 2021fryoneusa2023-08-17T12:39:59-04:00
The appraisal is required by the IRS, not Fidelity. This is true for any charitable donation of non-cash, non-securities of $5,000 or more. Fidelity gives you a confirmation showing the date they receive your crypto and the selling price, but the IRS won’t accept that as a legal appraisal. You have to hire an appraiser, and Fidelity can refer you to such folks (and look at our Yellow Pages for a list of appraisers – we’re adding to this list often.) Yes, an annoying aspect of making donations of crypto. I think you can get it done for less than $600.
Timothy Reid Bolinger, Financial Advisor, Fisher Wealth Management | Ric Responded November 18, 2021fryoneusa2023-08-17T12:39:58-04:00
I’m not aware that you can name a beneficiary to accounts at Coinbase. This is not uncommon, as many institutions don’t allow you to name beneficiaries on taxable accounts. Traditionally, beneficiary designations are set for retirement accounts, wills & trusts, and annuities. So, if your financial institution doesn’t allow you to name a beneficiary on the account, you’ll have to do so in your will or trust (and make sure the relevant document references or applies to the account).
Many digital asset exchanges do not permit trust registrations, or even joint registrations with spouses; they often permit only registrations featuring the name of a sole individual. This is archaic, reflecting the fact that they are not aware of, or don’t care about, the estate planning and tax planning aspects of asset ownership. This will improve over time as they mature – and as they continue to engage with the financial services industry. For now, it remains cumbersome at many exchanges. No one in the field is winning any awards for customer service yet. Soon, though, as competition grows, pricing and service will improve. The analogy: when Model T cars first got produced, there weren’t any paved roads. Just dirt trails created by horses pulling buggies. Over time, those trails were paved, and later, highways built. Service, performance and reliability all improved exponentially. In crypto, we’re still in the horse-and-buggy days. It’s a hassle, but you’re being rewarded by having profit potential that future participants might not enjoy.
Your notion of using a cold wallet won’t help you, by the way. There’s no registration at all with such a device, let alone opportunity to name a beneficiary. If you put your digital assets onto a flash drive, make sure your heir knows where you store it and how to access it.
Alex Smith, Managing Director, Individual IRA | Ric responded November 17, 2021fryoneusa2023-08-17T12:39:58-04:00
For sure, our Certificate in Blockchain and Digital Assets program is a great way to start. Beyond that, read as much as you can and attend as many events as you can. We list great news services at the DACFP Yellow Pages. And when you become fully immersed and are ready to devote full-time effort to this career-wise, the crypto community will welcome you!
James Pazderak, President, Covenant Wealth Advisors | Ric responded, November 18, 2021fryoneusa2023-08-17T12:39:57-04:00
That’s a big question. We cover it in detail in our DACFP Certificate in Blockchain and Digital Assets program – and we’re creating a new 1-hour presentation to address this specifically. Visit our Events page to register for our upcoming webinars and to watch replays of our past events. Also, you can find all the offerings at the DACFP Yellow Pages – it’s a great place to start your due diligence efforts
Cody Murray, Financial Planner, Bivin & Associates | Ric responded, November 9, 2021fryoneusa2023-08-17T12:39:57-04:00
We offer a list of estate planning attorneys with expertise in digital assets in our Yellow Pages directory.
Michael Eastham, President, Fellowship Financial Group | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:57-04:00
It’s all over the map. RIAs are a diverse group of professionals – and as a result, their approaches to digital assets vary greatly. Thus, every company offering access to the marketplace is gaining assets.
Don’t worry about what others are doing. Explore each option that’s available. Then, using your knowledge about your clients and your practice, you’ll be able to choose the approach that’s best for you and each client.
H. William Wolfson, Wolfson Financial Advisors| Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:56-04:00
Great idea! If gains occur as many project, placing those gains into a tax-free account is a great idea. Several firms, including Choice by Kingdom Trust, allow you to buy digital assets in IRAs and Roth IRAs.
Zachary Hoyer, CIO, Financial Services | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:56-04:00
With many exchanges, yes.
Daniel Hart, RIA, APS Management Group, Inc | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:55-04:00
Yes. Several firms facilitate this.
Ted Krammer, Principal, Krammer Financial | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:55-04:00
Same as IRAs. The paperwork is mildly different but no big deal.
Karen Flynn, Retired, RIA | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:54-04:00
I have certainly felt that this is a given. However, Sunayna Tuteja, Chief Innovation Officer at the Federal Reserve, said at October’s DACFP VISION conference that use of a blockchain to create and operation a US CBDC is not a given. Other technology, she speculated, could be used, although she did not elaborate. My bet is still on DLT.
Ryan Peterson, President, Copperleaf Capital| Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:54-04:00
Sure, provided they have an earned income. I often joke with clients that they should have their babies become models, appearing in ads for baby food and kids’ clothing. Let them earn an income so they can place it into a Roth IRA! Teenagers mowing lawns and babysitting can also open Roth IRAs. Mom and Dad can hire the kids to do chores. Allowances are not eligible for IRA contributions, but income is!
Leon Osborne, Due Diligence Consultant, MML Investor Services, | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:53-04:00
Those serving financial advisors do.
Michael Eastham Advisor | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:53-04:00
Yes. Offline is safer (you can’t hack a filing cabinet) but doesn’t allow for instant trading. Online is convenient but exposes you to hacker risk.
Richard Turgeon, CIO, Wellspring Financial Advisors | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:52-04:00
Sure. And many think that’s exactly what will happen.
Peter Sullivan, Associate Wealth Manager, Thompson Wealth Management | Ric responded, October 19, 2021fryoneusa2023-08-17T12:39:52-04:00
I expect the SEC to approve a bitcoin ETF within 18 months. And I’ve been saying that for 7 years.
Thomas Yorke, Managing Director, Oceanic Capital Management | Ric responded, November 1, 2021fryoneusa2023-08-17T12:39:51-04:00
I have no idea what their theoretical value is. I only know their real prices.
Phyllis Chapman, Portfolio Manager | Ric responded, November 1, 2021fryoneusa2023-08-17T12:39:49-04:00
The wash sale rule applies to securities. Bitcoin is not a security; therefore, the wash sale rule does not apply to it. But other coins are considered to be securities, so the wash sale rule does apply to them. Also, OTC trusts, such as GBTC, BITW and OBTC, are securities and thus fall under the rule.
But all this is likely to be moot. The new tax bill has a provision that applies the wash sale rule to everything, whether they are securities or not.
Marcel Lewinson, Financial Professional | Ric responded, November 1, 2021fryoneusa2023-08-17T12:39:46-04:00
Give them a copy of new book, The Truth About Crypto, which is being released in May. You can preorder now, and if you’d like to order bulk copies at a discount, give us a shout.
Mindy Laprel, CFP | Ric responded, November 1, 2021fryoneusa2023-08-17T12:39:43-04:00
Zero. That’s a beauty of buying bitcoin – it helps with portfolio diversification, ala Markowitz and the Efficient Frontier.
Patricia Whitley, Advisor | Ric responded, September 22, 2021fryoneusa2023-08-17T12:39:41-04:00
The wash sale rule applies to securities. Bitcoin is not a security; therefore, the wash sale rule does not apply to it. But other coins are considered to be securities, so the wash sale rule does apply to them. Also, OTC trusts, such as GBTC, BITW and OBTC, are securities and thus fall under the rule.
But all this is likely to be moot. The new tax bill has a provision that applies the wash sale rule to everything, whether they are securities or not.
Brendan Murray, President, Health & Wealth Inc. | Ric responded September 16, 2021fryoneusa2023-08-17T12:39:37-04:00
Anyone can advise anyone on anything, subject to federal and state regulation. For example, you need licenses for real estate, insurance, securities and investment management. You don’t need licenses for rare coins, wine or comic books.
Bitcoin and Ethereum are not securities. But many other digital assets are, as are the mutual funds and ETFs in this space. So, you would need licenses.
If all you’re doing is education, and not managing money for a fee, then I don’t think licenses would be needed. States often have lots of license requirements – for everyone from hairdressers to masseuses – so check on all this with a local attorney.
Dustin Terry, Founder, Clear Harbor Wealth Management | Ric responded, September 7, 2021fryoneusa2023-08-17T12:39:35-04:00
Most standard E&O policies cover digital assets – when you obtain them via securities such as mutual funds and ETFs. And there’s plenty of opportunity to do that, with funds offered by Bitwise, Osprey and Grayscale, as well as Simplify, ProFunds and others. Lots of accredited funds are available, too, from Skybridge Capital, Pantera, Galaxy and more. There are also SMAs, such as Arbor Digital and Eaglebrook Advisors.
Buying bitcoin or other coins or tokens from exchanges like Coinbase or Gemini might not be covered by your E&O policy. But since you can’t manage assets for your clients in that way, I’m not sure why you’d want to.
Rick Dwyer, Chief Development Officer, Strategy Marketplace | Ric responded, Aug 13, 2021fryoneusa2023-10-11T21:14:51-04:00
In addition to block rewards, which is how miners receive bitcoins in exchange for solving the computational equations, users pay gas fees. These are costs to have your transaction verified ahead of other transactions. With the full 21 million coins in place, there will be lots of users, and lots of demand for transaction verification, and hence, lots of gas fees (both in number and price). Theoretically, the gas fees will be sufficient compensation to keep the miners motivated.
Jason Cooke, Advisor, Hermann & Cooke | Ric responded, March 4, 2021fryoneusa2023-08-17T12:39:30-04:00
The captain of the Titanic was certain he had smooth sailing too. On that basis, that’s why you diversify.
Does that mean you should put all of your money into bitcoin? I think we can all agree that would be foolish. But to do none, out of extreme fear that something might go wrong, is equally foolish.
I think you need to look at it from a rational perspective of diversification and prudent money management. Just as you would with any asset class, especially an emerging one.
Ric responded, March 4, 2021
Bruce Lemley | Ric responded, February 1, 2021fryoneusa2023-08-17T12:39:28-04:00
I created Digital Assets Council of Financial Professionals to answer questions just like this one. The DACFP Certificate in Blockchain and Digital Assets course provides allows advisors to demonstrate to their clients that they have attained the education and can provide advice that is in the client’s best interest.
This is an online class with 13 CE credits, taken at your own pace. The 11 modules are split into two camps. The first five modules are on blockchain and digital assets. This is the fundamental knowledge and education needed to understand digital assets and explain it to clients. The second five modules are centric to financial advisors. This half focuses on practice management elements so that advisors can actually put all of these methods to use. The certificate covers questions such as these:
- How do you integrate this into asset allocation?
- How do you diversify?
- And what are the reasons for doing so?
- How do you create the asset allocation models?
- Where do you buy it?
- What exchanges what?
- What custodians do you use?
- What are the funds that are available for purchase?
- How do you store it and safeguard it?
- Do you do that through hot or cold wallets?
- How do you track it?
- How do you provide the record keeping?
- How do you rebalance it?
- How do you do the tax reporting?
- How to integrate it into rebalancing with the rest of your portfolio and as a financial advisor?
- How do you provide or receive compensation along with the rest of your asset management services?
- What are the tax reporting obligations?
- The regulatory requirements?
- What are all the issues associated to allow the advisor to do their job as an advisor while serving the client in their best interests?
Please visit our Certification in Blockchain and Digital Assets page for further details and to register.
Ric responded, February 1, 2021
Beth Bebb, Regional Learning Specialist, Thrivent | Ric responded, February 10, 2021fryoneusa2023-08-17T12:39:26-04:00
There are some platforms available where you can invest your IRA into Bitcoin. These are cumbersome. They are not primary players. It raises concern by the advisor who has reputational risk, as well as the investor who has confidence risk. And it reduces the degree to which there is engagement and involvement by both advisors and their clients. These do exist, but they’re more expensive than they alternatively would be. Some folks are saying, I don’t mind paying a 3 percent fee if I’m dealing with an asset that’s growing double digits every year.
Fidelity Digital Assets is providing these services for the institutional marketplace. They will eventually roll it out for the retail marketplace. You’ve got companies like Kingdom Trust, which manages 19 billion dollars in assets. That’s a qualified custodian you can actually use to buy Bitcoin in your IRA.
Ric responded, February 10, 2021
Patrick McReynolds, Investment Analyst, Merrill | Ric responded, December 15, 2020fryoneusa2023-08-17T12:39:24-04:00
The SEC will approve a bitcoin ETF within 18 months. I’ve been saying that for five years. Hey, at some point, I’ll be right! Until then, you should explore alternative ways to buy. There are many, and we cite lots of them at RIADAC.com.
Ric responded, December 15, 2021
Christopher Rubio, Account Development Representative, MongoDB | Ric responded, December 15, 2020fryoneusa2023-08-17T12:39:21-04:00
I’m the guy who pioneered the concept, a few years ago, of a one percent asset allocation model. In traditional asset management activities, if you’re not going to put three percent or five percent of assets into an asset class then why bother doing it? It’s not going to have a material impact on the portfolio. However, with Bitcoin, you don’t need five, 10 or 20 percent, which you would likely do with stocks or bonds. Bitcoin has a lot of unknowns technologically and regulatory.
My position is that you don’t need to do 10 or 20 to have a meaningful exposure. One percent allocation is plenty and the reason for that is Bitcoin’s incredible volatility.
A one percent allocation won’t hurt you. If you’re wrong, it’ll be annoying, but not devastating. And if you’re right, that one percent allocation can have a material impact on the improvement of your client’s returns.
Therefore, it is very much worthwhile to learn about Bitcoin. I’m not saying you have to like it. I’m saying as an advisor you have an obligation to learn about it.
Ric responded, December 15, 2020