Ric Edelman, chairman and co-founder of Edelman Financial Services, LLC, the author of several personal finance books is a highly regarded investor and financial advisor, as well as being named among the country’s Top 10 Wealth Advisors by Forbes magazine. It seems that Edelman is jumping in on cryptocurrency as he recently has invested in cryptocurrency indexer Bitwise Asset Management. Bitwise has surveyed an excess of 450 financial advisors with the results being that that 83 percent had received questions from clients about crypto assets.
Edelman said in a statement about his investment:
“There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications. Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients. I look forward to working with Bitwise to help make that a reality.”
In a recent appearance on CNBC’s Fast Money, Edelman said that a cryptocurrency strategy and shifting some of their money into Bitcoin should be considered by every financial advisor and investment firm.
Commenting on the longevity and perception of digital assets, Edelman stated:
“I’m bullish on it because Bitcoin is now ten years old, it is a $200 billion market and Bitcoin is about 40 percent of that. Clearly, it is here to stay. There is a massive amount of investment going into the blockchain and crypto assets, and financial advisors really don’t know much about it, no more than their clients do.”
The financial advisor has gone on to state how this infant technology is going to revolutionize the industry after it overcomes its growing pains and provides an infrastructure for the decentralization to become a usable reality. The final goal being the mass adoption of cryptocurrency by all people for everyday task, and his plan is to educate the public on cryptocurrency and spread awareness.