Everyone Needs to invest in Bitcoin -Ric Edelman, financial advisor and the chairman of Edelman Financial Services, LLC. is one of the top Wall Street advisor and highly regarded investor. Since Edelman joined the crypto investment firm Bitwise Asset Management his interest moved into cryptocurrency.
Ten Years Old
Ric Edelman said that every financial advisor and investment firm should have a strategy incorporating cryptocurrency. Even should try to invest in Bitcoin. Within a short period of time Bitcoin which is officially 10 years old. Bitcoin valued from zero to $112 billion, with a daily trading volume of $13 billion.
It is estimated that around $40 billion is the daily trading volume of the entire crypto market. Due to the continuous improvement of market infrastructure, the liquidity of cryptocurrencies.
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. Financial advisors really don’t know much about it, no more than their clients do.”
Edelman also raised the opinions of Aleh Tsyvinski, a macroeconomics professor at the prestigious Yale University. who stated that if any investor that believes in Bitcoin will have a similar price movement that has been recorded during previous years should at least invest 1-6% of a portfolio in Bitcoin.
Aleh Tsyvinski stated, in an interview with Yale Ph.D. candidate Yukun Liu, “If you as an investor believe that Bitcoin will perform as well as it has historically, then you should hold 6% of your portfolio in Bitcoin. If you believe that it will do half as well, you should hold 4%. In all other circumstances, if you think it will do much worse, then you should still hold 1%.”
Ric Edelman future plans:
Everyone Needs to invest in Bitcoin-Edelman said that he will be assisting financial advisors and encourage investment firms to conduct research about cryptocurrency market which in turn helps the various users or clients to gain proper knowledge on the asset class. But he said that cryptocurrencies are already into this asset class business. Despite gaining significant market growth in terms of volume, a number of users, awareness but there is no federal regulation which supports investors that cryptocurrency market is a legitimate industry.
Edelman wants to educate the public about cryptocurrency. Ultimately wants users to use these technologies for daily usage. Edelman believes that technological and financial revolutions are in their early stages. He said that currently, It’s a great risk for investors to invest in the cryptocurrency market. Because there is a lack of infrastructure for retail traders.
In order to clear this demerit Coinbase, BitGo, Goldman Sachs, and other leading financial institutions are focusing on new strategy. That is development of trusted custodian solutions to service institutional investors.