Edelman took a poll of the conference session audience and found that about half of the advisors personally own digital assets, but very few recommend them to clients, and few felt confident explaining what bitcoin or blockchain is. “That is pretty typical of the industry,” he said.
Other financial gurus who have badmouthed crypto – Warren Buffett, Jamie Dimon, Bill Gates – are wrong or hypocritical, Edelman said.
The more someone knows about crypto assets, the more wrong they can be, “because crypto violates all the financial rules they were ever taught. The more information you have about traditional investing, the harder it is to wrap your head around crypto,” he said.
Ric may have a point. People laughed about this Internet thingy when it first came out, too.
Early on I figured out that I did not need to own Crypto because if it turns out to be revolutionary then the the stock of the companies that I own in index funds will benefit from crypto “somehow” making financial transactions more efficient.