According to reports, the influential financial adviser who wrote “The Truth about Crypto”, a book due out in 2021, is increasing his investment recommendations for cryptocurrency.
CNBC reported that Ric Egelman who had previously stated that allocating a maximum of 1% towards crypto assets was reasonable now says that financial advisors are best to recommend between 10% to 40%.
In an interview on CNBC’s Crypto World with Edelman,
Today I say 40%. That’s amazing. “No one ever said anything like that.”
The Digital Assets Council of Financial Professionals founder is more optimistic about cryptoassets in light of recent industry changes.
According Edelman, Bitcoin, and the wider crypto space, faced many uncertainties four years back – including the possibility that government would ban BTC. There were also concerns over the blockchain technology being obsolete.
All those questions are now answered. “It’s been radically transformed and has become a main asset.”
Edelman says Bitcoin and cryptocurrency should also play a larger role in investment strategies for the long term, as US life expectancy increases.
Financial advisors say that investing 60% of your portfolio in stocks and the other 40% in bonds is no longer a good idea, as Americans are living up to age 85 or more, thanks to advances in technology and medicine.
If you were a financial adviser, and had a client aged 30 who wanted to save for the future, you might tell him to invest 100% of his money into stocks because he has 50 more years. The 60-year old of today is similar to the 30-year-old from yesterday.
“You need better returns from stocks than bonds and to keep equities for longer periods than before.”
Edelman says that Bitcoin can be used to diversify a portfolio, as its performance does not appear to correlate with other asset classes. Digital assets, he says, tend to perform better than stocks, bonds and gold.
Bitcoin prices do not move with other assets such as stocks, bonds, gold or oil. Crypto asset classes offer higher returns than any other type of asset.
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The post Ric Edelman, Best-Selling Crypto Investment Author Drastically Modifies His Strategy: Here is his New Position may change as new information becomes available.
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