Renown Wall Street Financial Advisor Ric Edelman Joins Bitwise Asset Management
Popular Wall Street Financial Advisor Ric Edelman Joins Bitwise
Legendary wall street advisor Ric Edelman recently revealed that he has invested in Bitwise Asset Management.
Edelman is the founder of Edelman Financial Services, lately named the No. 1 Registered Investment Advisor (RIA) firm in the country for 2018 by Barron's, with $22 billion in assets under management. He will work with Bitwise in its attempts to educate and support financial advisors looking to bring diversified exposure of cryptoassets to client portfolios. He is also the author of nine best-selling books, including "The Truth About Your Future," "The Truth about Retirement Plans and RIAs" and "The Truth About Money."
In his interview on CNBC Fast Money, he was asked why he is bullish on Bitcoin. To which he replied:
"I am bullish on it because Bitcoin is now 10 years old, it is a $200 billion market. Clearly, it is here to stay. There are massive amounts of investment going into this space."
A recent Bitwise survey of more than 450 financial advisors found that 83% had received questions from clients about crypto. Those advisors said that "education" and "regulatory concerns" were the two primary barriers to them making an allocation to cryptoassets for their clients.
He continued the interview by calling out traditional financial advisors. "Most financial advisors don't know much about it, neither do their clients. This means that advisors can't give advice to their clients. My goal is to raise the bar of awareness, knowledge, and information around this space."
Edelman says, "There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications. Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients."
Notably, Bitwise originated the world's first cryptocurrency index fund, the Bitwise 10 Private Index Fund, in November 2017. The fund holds the 10 largest cryptocurrencies selected and weighted by an inflation-adjusted market cap, with rules in place to ensure security, liquidity, and other safeguards.
Ric Edelman joins a long list of notable investors in and advisors to Bitwise from the asset management industry, including former Barclays Global Investors' CFO Alison Davis, former Wealthfront CEO Adam Nash, and current Western Asset Mortgage Capital Corporation CIO Anup Agarwal, among others