OpEd by Bill Taylor/FintekNews Contributor
I just love it when I find a very brilliant, topical and relevant article that I totally agree with (that’s why its brilliant) AND points out the silly thinking of folks like Jamie Dimon (its getting way to easy to poke fun at him), Warren Buffet and even Vanguard’s Tim Buckley. Bitcoin is here to stay and just because you don’t “get it” doesn’t mean it’s not relevant. Investors (especially savvy ones, old and young) WANT some exposure to cryptos. Remember? “The internet will never work”, “I can’t work this new computer thing” and “a GPS will never replace the map”. Please take a quick read and just say to yourself “WHAT IF”.
“Many investors wonder when the right time will be to put some money in bitcoin. It’s a question that financial advisors increasingly hear these days.
Yet advisors, for the most part, don’t recommend investing in digital currency, or in the investment vehicles that have cropped up around it, at all. In fact, earlier this year, Merrill Lynch banned bitcoin buying across the firm. JP Morgan chairman Jamie Dimon called bitcoin a “fraud” (he later softened some of his comments), and Vanguard CEO Tim Buckley told CNBC in an interview: “You will never see a fund from Vanguard on bitcoin.”
There’s no doubt that bitcoin has been wildly volatile, so for now, many advisors apparently remain wary and urge investors to avoid cryptocurrency investments altogether.
Lex Sokolin, global director of fintech strategy at Autonomous Research, thinks that is a big mistake.
“Cryptocurrency is very controversial, but it’s really here to stay,” he said. “And the underlying [blockchain] technology is really fundamental to the types of companies that people are building right now.”
It’s important for individuals who want to invest in cryptocurrency to first understand what it is and also how blockchain technology works, Sokolin explained…