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.
More from Straight Talk:Even if bitcoin crashes, blockchain is the futureMicro-investing builds wealth bit by bitHow to pick a new financial advisor 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. Read more from cnbc.com…
thumbnail courtesy of cnbc.com