Wall Street Veteran Believes in Cryptocurrency’s Transformative Power
In a recent interview with CNBC, legendary Wall Street advisor, Ric Edelman, made his intentions about cryptocurrencies and their underlying framework ‘blockchain’ abundantly clear. Speaking about the potential of this nascent technological domain, Edelman mentioned that it is high time we realize “cryptocurrency is here to stay”.
This affirmation was then followed by another bold statement where Edelman claimed that Bitcoin ETFs were on their “way to the commercial market soon” and that their entry would change the face of the global finance sector irreversibly.
Edelman, who is an investor in Bitwise Asset Management as well as a best-selling author, has served as an advisor to many individuals from within the competitive world of Wall Street finance.
However, in his latest role he works primarily as a ‘crypto advocate’ who has been actively educating people about the true potential of this burgeoning market space. Not only that, he also brings in a new level of legitimacy to this sector which will probably help foster more investment and adoption of crypto in the coming future.
Crypto is the Future of Finance
Appearing on CNBC’s Fast Money, Edelman elaborated on why he sees so much potential within this sector by saying:
“I’m bullish on it because Bitcoin is now ten years old. It’s a $200 billion market in crypto total, Bitcoin is about 40% of that. Clearly, it’s here to stay. There’s massive amount of investments going into the blockchain and crypto assets specifically”
— CNBC's Fast Money (@CNBCFastMoney) October 3, 2018
He then went on to address the issue of so-called “market experts” and financial advisors not really knowing much about Bitcoin and its associated framework. This problem, as per Edelman, has caused a severe knowledge gap to be formed, thereby causing an entire section of potential investors to stay away from this space.
In regards to the aforementioned issue, Edelman also added:
“ My goal is to help raise the bar, awareness, education, understanding, and knowledge so that advisors can be of greater help to their clients”.
“I believe cryptocurrencies are an asset class unto themselves”
While many financial agencies around the world are still debating whether Bitcoin, Ethereum are “securities or not”, Edelman believes that crypto assets, just like gold and other precious metals are an “individual class of assets”.
Not only that, he even likened crypto to natural resources but said that since people are not able to clearly understand the concept of blockchain technology, there are many severe misconceptions that have creeped into the head of the average investor. He then added:
“I’m convinced that when the SEC creates, or allows, a Bitcoin ETF, everything will change.”
The Crypto Revolution Will Have Far Reaching Effects and Implications
From the perspective of setting long-term financial goals, Edelman stated that he firmly believes the blockchain revolution which has currently gripped the world today will have “far reaching implications” within various domains of public life in the near future.
He also mentioned that as society continues to move towards a cashless future, crypto markets all across the world will continue to grow and technologies such as smart contracts will reconfigure the way in which the global financial engine functions.
While there are those like Larry Fink, CEO of BlackRock, who believe that crypto is just a “passing fad”, Ric Edelman, who is incharge of EFS, the world's number one RIA, believes that his work with Bitwise will help educate investors and advisors become better equipped to tackle investment decisions pertaining to all-things-crypto.