AR FinTech Head: Financial Advisors Don’t Know What BTC Is

post image

It is the age-old question both for professional and amateur investors: when is the right time to pile funds into bitcoin? Also, nowadays, this is the question that financial advisors keep hearing from all sides.

However, the counselors try to be cautious regarding these crypto assets, recommending their clients not to invest in them or products and other mechanisms related to bitcoin.

Advisors Reacting

Notably, some weeks ago the wealth management arm of Bank of America – Merrill Lynch – tabooed the purchase of BTC across the company.

Meanwhile, JPMorgan has also been pretty prudent concerning BTC, whereas its head Jamie Dimon even called BTC a “fraud” one time (however, admitting that the blockchain is real and later softening his own words).

Moreover, that’s not all: Tim Buckley, the top exec at Vanguard, previously said that there would never be any funds from the company on BTC.

Opposite Opinion

It is clear that bitcoin has not been the most stable currency so far. Hence advisors have kept telling people not to pile everything that they have in it.

However, the global head of financial technology strategy at Autonomous Research Lex Sokolin believes they are wrong.

"Cryptocurrency is very controversial, but it's really here to stay. And the underlying [blockchain] technology is really fundamental to the types of companies that people are building right now," said he, quoted by CNBC.

According to Sokolin’s words, anybody who would like to invest in BTC, must, first and foremost, try to understand what it is and how its underlying technology works.

"It's volatile right now, so you should not just go and fill your entire portfolio with cryptocurrencies. But it is a good way to add alternatives to your general allocation, something like 3 [percent] to 5 percent of your portfolio," explained the expert.

He concluded that advisors should learn how the blockchain works before they consult people.

Unknown Dev Mined Extra 2 Million Bitcoin Private Units, Secretly
Around 2 million coins of Bitcoin Private — an altcoin which bears the name of the «big daddy» — has been premined suspiciously when there was no such intention....
Lee Names Factors For Bitcoin to be Worth $150,000
Since mid-November bitcoin has been experiencing turmoil when it started falling from the margin of $6,300. As of writing, BTC’s price is $3,311, one of...
Draper Expects Crypto-Market to Surge to $80 Trillion in 15 Years
Tim Draper, an investment mogul and a known bitcoin bull, has spoken out about cyber assets once again. The famous investor predicts the entire BTC and...
4NEW - A Token Provided With Electricity
Having announced in October of 2017 about the forthcoming launch of the "world's first cryptocurrency, which is the equivalent of electricity," the team...
Stock & Crypto Markets Plummeting Down. Any Correlation?
Within the past days, both stock and crypto markets have been heading downwards. Both of them started showing some drastic trends on Friday, February 2...
Developers Of Firelotto Create A Transparent Public Blockchain Lottery
Each of us played a lottery at least once in our life. The rules and organization are different for everyone, but most share a common feature: control over...
Bitcoin Reached The Low Of $7,700. Here’s How to ‘Hodl’
2018 has not been bitcoin-friendly at all. Only within the first month of this year, the most prominent cryptocurrency worldwide has already seen a 40%...
Kodak Delayed ICO By Several Weeks
The initial coin offering (ICO) KODAKCoin, which has to start on January 31, was postponed to "several weeks". This is reported on the official website...
Miner WannaMine To Replace The Virus WannaCry
The EternalBlue exploit, once stolen from the US National Security Agency, continues to be used by attackers as a component of the malicious software....
Hackers Moving Stolen Money, Users to be Repaid: Coincheck $530 mln ‘Soap-Opera’ Goes On
$530 million NEM ‘soap-opera’ theft continues. Recently, the Japanese exchange Coincheck, which sustained a massive cyber-attack, notified that it plans...
CryptoKitties Go To China
Recently, the company-developer of the game CryptoKitties Axiom Zen announced that it is going to conquer the Chinese market. Co-founder of CryptoKitties,...
Hackers Cracked the DNS-server Of BlackWallet And Stole $400 Thousand In The Cryptocurrency
Unknown hackers broke into the DNS server of the BlackWallet.co service, which provides Web-wallets for the Stellar Lumen (XLM) cryptocurrency. They stole...
Each Coin Is A Barrel: Meet The OilCoin
US Bankers and Bart Chilton, a former member of the Commodity Futures Trading Commission, announced the creation of the oil cryptocurrency OilCoin. It is...
South Korea Ties Up Crypto Transactions as its Citizens Pile Into Digital Money
After the South Korean government released emergency measures for the regulation of cryptocurrency market in the market around two weeks ago, on December...
Warren Buffett’s Opinion about Bitcoin – Is He Right or Wrong?
Bitcoin is the most significant cryptocurrency on the planet, but it is also a very volatile. Views are incredibly different on the prospects of Bitcoin....