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Bitcoin Turnaround: Top Financial Advisors Embrace Cryptocurrencies

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Fri, 29/03/2019 - 19:31
Bitcoin Turnaround: Top Financial Advisors Embrace Cryptocurrencies
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More than 155 of the US top financial advisors took part in the Blockchain and Cryptoasset Pre-Event that drastically changed their views of Bitcoin. After a five-hour educational program, only 10 percent of them still think that Bitcoin is a speculation.

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A cold welcome

Prior to this event, 96 percent of all financial advisors claimed that they wouldn’t recommend cryptocurrencies to their clients. Almost half (44 percent) of all participants considered to be a speculation despite 80 percent of them confessing that they knew practically nothing about digital assets.

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Why did they come?

Of course, the obvious question is why someone who adopted such a hawkish stance towards Bitcoin would come to an educational event that is focused on cryptocurrencies. Actually, they don’t have a choice.

According to the report, 80 percent of financial advisors are getting crypto-related questions from their clients, but they feel uncomfortable explaining the concepts that are related to this fledgling industry.

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A dramatic shift

The survey that was conducted after the event showed very impressive results – 89 percent of all participants claimed that they had a more favorable view of cryptocurrencies and didn’t consider Bitcoin a speculation anymore.

Ric Edelman, a top financial advisor who presented the event, signified ‘the urgency’ of educating advisors about the emerging asset class.  

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