INVEST CRYPTOCURRENCY FOR ADVISORS is where the industry's top minds will come together to decide what's real and what's vapor in the chaotic crypto space. But for the average person focused on retirement planning and financial stability, is it time to consider investing in cryptocurrency? While there is no industry standard yet to determine who is a fit for a crypto investment, there are approaches to integrate speculative, risky. SPORTS BETTING VS POKER HANDS
If the signs are positive, you will want to ask additional questions. Here are a few to consider. Do you have any cryptocurrency holdings in your portfolio? A good follow-up question is whether the advisor has invested in crypto personally. What crypto credentials have you earned? These relatively new qualifications cover several of the critical aspects of the asset class, including blockchain technology and decentralized finance. Read on to find out. Crypto as a currency or an investment?
Enthusiasts see Bitcoin, Ethereum, non-fungible tokens NFTs , and other forms of crypto as the currency of the future. In simple terms, a cryptocurrency is a digital form of money to buy and sell goods virtually. Given its relatively recent inception, crypto has positioned itself as a new form of currency and as a new asset class for investors.
Even though some cryptocurrencies have boasted massive gains in a relatively short period, several investors still view crypto as highly speculative. So, to profit from your crypto investment, someone else must pay more for the currency than you did.
While we have hundreds of years of stock price data, we only have 11 years of Bitcoin data. In other words, the company is doing real work in the real world that has real value. What is the intrinsic value of cryptocurrency? For comparison, look at the intrinsic value of the U. One of the biggest differentiators between crypto and traditional forms of currency like the U.
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Gen X and millennials have lived with the internet most or all of their adult lives. They have become used to having all their services on-demand and having the ability to fact- and price-check everything. Price checking became the norm with financial advisers over a decade ago, leading to the rise of robo-advisers. I already had clients asking me about my fees and how they were justified given the returns.
The stories are there for advisers to tell their clients and infrastructure is being built to help make crypto a smart play in financial planning. Currently, the age group with the largest number of bitcoin investors is the group, according to Grayscale like CoinDesk, a unit of Digital Currency Group. However, the average age for those that are interested in bitcoin is 42, or those that are in their peak and growing earning years!
What you have is a group of smart investors with growing incomes and wealth who know what they want to invest in and are wary of paying extra fees. Still, investors are increasingly interested in cryptocurrency and financial advisors are taking note.
Cryptocurrency was added to the survey in and only 1. When you consider what exchange to use make sure to evaluate their security, fees and available coins. Some other considerations are whether the platform allows you to purchase your desired cryptocurrency in U. If you would like to store your crypto wallet offsite, it is important to select an exchange that allows you to do so and make sure you understand any associated fees.
Cryptocurrencies are gaining in popularity and will likely continue to be a topic of interest in the foreseeable future. Just make sure you are comfortable with the inherent volatility of these investments.
Jennifer A. She can be reached at or JennyK hhcpa.