Financial advisors have a change of heart after Bitcoin crash course

31 Mar, 2019 | Updated: 31 Mar, 2019
by Richard Allen
Financial advisors have a change of heart after Bitcoin crash course

Prominent financial advisor, Ric Edelman recently staged the Blockchain and Cryptoassets Pre-Event in conjunction with Barron’s Top independent Advisor Summit on March 20. According to the press release, many of its attendants arrived as skeptics and left as believers.

The event, held in Salt Lake City and sponsored by big names such as Bitwise Investments, Fidelity Digital Assets, Grayscale Investments, Pantera Capital, and Van Eck, featured more than 155 of America’s “top financial advisors and influencers in the digital asset space.” The group underwent a half-day training and education course on blockchain and cryptocurrencies.

Prior to the event, 96% of attendees who completed the survey said they don’t recommend digital assets to clients, and 79% stated they had no intentions of doing so in the future. By the end of the program, however, their opinions had changed dramatically. 89% of advisors who completed the post-event survey said they now have a more favorable view of cryptoassets.

Read more: 8 experts on Bitcoin: these are the latest price predictions and opinions

Additionally, 89% they no longer believe Bitcoin is speculation while 82% said they are more likely to buy crypto, with 79% having a more optimistic prediction about the future price of Bitcoin. 91% admitted they will either stop discouraging clients from buying crypto or will buy it for them.

"This remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this important emerging asset class," said Edelman. “Advisors who can't answer their clients' questions about bitcoin will lose credibility with their clients, and they may end up losing the clients."

Read more: Crypto Twitter is bullish on Bitcoin; BTC to $5750 next?

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