Top financial advisors change their mind on Bitcoin

Fredric Mark "Ric" Edelman, the chairman and co-founder of Edelman Financial Services, staged a Blockchain and Cryptoasset Pre-Event with Barron’s Top Independent Advisor Summit at the Grand America Hotel in Salt Lake City. 

The event, presented by The Advisor Blockchain and Crpyoassets Council, was a 5-hour program on blockchain and crypto assets such as Bitcoin. It offered financial advisors Continuing Education Credits and was sponsored by Kingdom Trust, Bitwise Investments, Blockforce Capital, Fidelity Digital Assets, Grayscale Investments, Orion Advisor Services, Pantera Capital, State Street Global Advisors, and Van Eck.

The event was attended by no less than 155 of the United States’ top financial advisors and influencers in the digital asset space. Before the event, 96% of the participants had a negative viewpoint on crypto assets. The reason behind this negativity was:

• 80% of these advisors said they know little to nothing about blockchain and crypto assets.
• 92% said they were not comfortable explaining crypto asset concepts to their clients.
• 84% don’t own any crypto.
• 44% thought Bitcoin is a speculation and not an investment.

However, once the event was over, their perception changed dramatically. According to a post-program survey:

• 89% had a more favorable view of crypto assets.
• 89% no longer believe bitcoin is speculation.
• 82% said they are more likely to buy crypto, with 71% raising their prediction about the future price of bitcoin.
• 91% will either stop discouraging clients from buying crypto or buy it for them.

Edelman said about this turnaround:

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