Bitcoin [BTC] is here to stay, says Ric Edelman; enters cryptocurrency space as advisor and investor

In a recent interview with CNBC, Ric Edelman, a leading financial advisor and founder of Edelman Financial Services, spoke about his new stint with Bitwise and the current state of cryptocurrencies in the financial ecosystem. Bitwise is an asset management company involved in cryptocurrency index funds.

Edelman, a known Bitcoin bull, stated that cryptocurrency has been around for 10 years and is part of a $200 billion market. According to him, the sheer presence of the commodity in the market has made it obvious that Bitcoin is not going anywhere. The financial advisor added that despite the massive flow of money in the cryptocurrency industry, a lot of people including the financial advisors themselves don’t know much about cryptocurrencies. He went on to say:

“My partnership with Bitwise is to ensure that there is proper awareness about the assets within the cryptosphere. People need to know what they are getting into while investing and this can only be done with an increase in knowledge about the space.”

The financial advisor was asked about whether cryptocurrencies need to be classified as a separate asset class like stocks and bonds. Edelman claimed that he was not really sure about how cryptocurrencies will be categorized, which might change once there is more clarity on regulations. He stated that digital assets are a store of value like gold and natural resources like gas and fuel.

One of the main problems addressed by Edelman was the current financial scenario, calling it the “wild wild west”. This was again pointed out by him as one of the reasons he does not explicitly ask people to buy cryptocurrencies.

He also touched upon the steps taken by the Securities and Exchanges Commission [SEC] and added that the body was doing what it should to protect investors. He believes that the industry will soon comply with the standards set by the SEC. According to Edelman, Bitcoin ETF timelines is still slightly blurry, giving it a timeframe of “2 months or even 2 years”.

Investors and enthusiasts alike were given a ‘light at the end of the tunnel’ moment when Edelman said that the ETF will definitely happen one day with the steady progress of knowledge and awareness within the ecosystem. Despite being bullish about the digital assets, the financial advisor still does not give portfolio advice for cryptocurrencies because that would entail going against the Investment Company Act of 1940. The Act regulates conflicts of interest in investment companies and securities exchanges.

Ric Edelman also stated:

“I would love to advise investors on what cryptocurrencies to invest in and what not do in this space. That can happen only after the ETF’s pass which I reckon will happen in the near future.”

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