DISCLOSURE:
THIS IS NOT INVESTMENT ADVICE, I AM NOT A FINANCIAL ADVISOR, NOTHING HEREIN SHOULD BE CONSTRUED AS INVESTMENT ADVICE.
Listen. I read a headline two days ago entitled: “Wall St. Advisor Embraces Crypto” ; now, we’re not talking about any ordinary wall st. advisor, we’re talking about Ric Edleman, Barron’s #1 voted advisor of 2018.
So you figure this guy (Ric) pretty much speaks for a large group of the investor community. And I was freakin baffled.
I mean, here I am sitting at the epicenter of the blockchain world, working as a bitcoin miner- that’s my day job- and I’m listening to this #1 advisor saying things like:
“Every financial advisor needs to educate themselves about this space so that they can advise their clients on this new asset class.” Ric continues to say he is “bullish on bitcoin” and it’s “here to stay”. Then, he admittedly says “financial advisors don’t know much about bitcoin and they need to learn”
So why am I laghing at all this? Because here’s the real deal. For the first time in maybe all of financial market history, Wall St. is totally behind the curve.
They are so late to the game that they are scrambling to slow the blockchain down so they can position themselves to ‘advise’ clients on bitcoin. What are you going to advise them on Ric? Here, Mr. Client, there’s a new currency in town.
In fact, there’s a whole new capital market, it’s developing really quickly, it’s way better than the stock market, and it has an amazing future ahead of it. With that said, we want to take a cautious approach, so we recommend investing up to 5% of your portfolio into it.
Hmmm….so let’s see, this amazing new technology that could very well displace capital markets is this good and you want me to cautiously invest 5% into it while I leave the rest of the 95% of my assets in this carcass of a beast you call the stock market? Yes. But here’s the other thing, don’t buy now, even though you can- wait for another few months until the rest of Wall St. has bought up the bitcoin at low prices, created an ETF so they can tell you it’s safe to invest, and then sell you from their own inventory and generate a shit ton of fees.
By the way, when you invest in bitcoin through the ETF Mr. Investor, you actually won’t be owning any bitcoin yourself, you just own a claim to the ETF’s assets, which is bitcoin indeed, but you cannot use the bitcoin, vote on your rights, or use it to make purchases. Basically, this is where wall st. is, and if you are just learning about bitcoin and the blockchain you need to know that these guys are experiencing a heavy dose of FOMO, which stands for Fear of Missing Out.
I’m writing this letter knowingly to a crypto believer already, I mean this is on Steemit for goodness sakes, if you’re on here you already own btc or some form of crypto. But do your neighbor a favor, show them this CNBC clip of “Barron’s #1 financial advisor of 2018” and make them realize that these guys are scrambling to get their shit together.
It is time for individuals to take hold of their own financial future, and it is a bright one. We are in the 4th industrial revolution, you don’t need anyone to handle your money, just go out there and start learning. Look at all the new amazing applications that are coming out to solve real world problems, look at what the blockchain is doing, and who is buying bitcoin NOW.
Don’t follow what anyone says, find out what “they” are doing. :
Remember, this is not investment advice, I am not an investment advisor, do your OWN research.
Amir
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Great article and view Amir. A lot of ordinary people are going to miss the train unless we spread the word before Wall Street takes their cut
Thank you goppie. And yes it´s true, let´s educate ourselves and spread the word...steemit is such a great place for doing exactly this!
I feel we can advise people about Cryptocurrencies much better than the current financial advisers who really don't understand what they are about.
That is exactly what I wanted to say with this post. Steemit is such a great opportunity, to educate ourselves and spread the word...Thanks for coming around!
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The stock market is not a carcass. Stocks may be overvalued at the moment but why would anyone think buying a piece of a business was dead as a concept after the introduction of cryptocurrencies?
The stock market is a carcass because the valuations of businesses in the market are for the most part inflated to unrealistic levels. Now how they got there is a result of the fed's loose monetary policies which have done nothing other than inflate the USD and provide the illusion of value. It is a 'wealth effect' that is non existent. You want to buy a piece of a business that is not profitable and trading at a PE of 25? As soon as interest rates move up, which is another serious problem the Fed has, the stock market will see red across the board, and those business will lose value quite fast. Value which they never had to begin with.
Valuations of businesses are inflated and few have room for explosive growth. But aren't loose monetary policies of central banks all over the world affecting the valuations of cryptocurrencies, too?
Only insofar as people are realizing that Fiat currencies aren't able to hold their value and therefore people move from Fiat into crypto. But we are so far away from any type of crypto inflation as adoption and use cases are just starting. It's is the start of Bitcoin, and keep in mind crypto and Bitcoin in specific has built in anti inflation me hanism through restricted supply, so any type of 'inflation would be the result of demand and not an increase in supply, there's a big difference between the two.
You can buy almost nothing with crypto at this stage. You will be in deep trouble if you try to survive without touching fiat.
What I'm talking about is crypto valuation in terms of fiat being inflated just like the stock prices because of the very light monetary policies of most large central banks. Cryptos are assets, not money. They're being hoarded and not spent. Those are the facts on the ground now.
Nobody said not to touch Fiat, until adoption and fungibility are widespread, Fiat will have it's use. Cryptos are being hoarded because they are a better store of value, period. Once adoption and fungibility come along they will be used just like Fiat, and they are indeed a currency, the public has yet to see and accept that, those who are hoarding it are aware of that. That is why they are happy to exchange Fiat for crypto.
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