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The history between bitcoin and Wall Street hasn’t always been friendly; the cryptocurrency has received many criticisms from Wall Street analysts and top executives, labeled as “money for criminals.” But now, the dust has settled, bitcoin has shown its resiliency, and many mainstream top-level executives are now publicly expressing interest in bitcoin and blockchain technology. Ric Edelman, a top Wall Street financial advisor and chairman of Edelman Financial Services, LLC, and author of the book “The Truth About Money” says that this is the time for people to get in on Bitcoin, not just for investment purposes, but also to learn more about the world’s largest cryptocurrency.
Edelman has joined the cryptocurrency investment firm Bitwise Asset Management, adding to the list of many executives who have left wall street and entered the cryptosphere. According to Edelman, investment firms and financial advisors should develop cryptocurrency strategies and move some of their capital into Bitcoin. He also believes that bitcoin and other digital currencies are still in their infancy, as the ecosystem develops, more infrastructure will be built to provide for a more peer to peer, decentralized system. Speaking on CNBC’s Fast Money, Edelman said:
“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 investment advisor believes that even those who are involved in cryptocurrencies still do not have full knowledge about the ins and outs of the industry. He believes this creates an opportunity for investment advisors and firms, to learn more about the ecosystem. He intends to, not just get involved in cryptocurrencies, but also educate the masses on the different use cases that cryptocurrencies bring to light.
It’s not only financial capital that is moving into blockchain, but also human capital. Wall Street executives and mainstream conglomerates pour both their money and talent into cryptocurrency investment and development. It’s an ideal roadmap to mainstream adoption.