In a Nutshell: Learn the basics and dispel the myths around Bitcoin so that you can provide advice that's in your clients' best interests.
Guest: Adam Blumberg, CFP, co-founder of Interaxis, a company that provides research and education to advisors and companies in the cryptocurrency, digital assets, blockchain, and DeFi space.
My Key Takeaways:
- Money is complicated. Money's been called many things and we discuss some of its key properties and why Bitcoin may just be the ultimate manifestation of "money."
- Bitcoin is not going away. It's survived several boom and bust periods and is now hovering near all-time highs. Big players like Fidelity, MassMutual, Paul Tudor Jones, Bill Miller, Stanley Druckenmiller, and many others own and advocate for it.
- Bitcoin is not for everyone. Not yet, anyway. But as interest rates stay low, federal deficits rise, and ideas like Modern Monetary Theory gain popularity, there's a subset of your client base that will be looking for alternative investments. Do you want those clients buying volatile crypto on their own or working with you to diversify a reasonable percentage of their portfolio?
Also Learn:
- What the difference is between "bitcoin" and "Bitcoin."
- Why many bitcoin proponents call it "digital gold."
- Why some of the mystery that turns people off Bitcoin -- such as who created it -- is actually a strength that has helped it gain widespread adoption and acceptance as a store of value.
- Where advisors are turning to learn more about Bitcoin, even if they ultimately decide to guide their clients elsewhere.