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Do I need to learn Digital Assets as a Financial Advisor?

As the ecosystem of Digital Assets evolves, many of us Financial Advisors find ourselves asking, “Do we need to know about digital assets?”

Having been in the business for many years I also questioned whether this “fake internet money” -as many called it – would take off.

When I started playing with cryptocurrency in early 2017 I, like many, thought it might be a way to make a quick buck. I started trading a little, and then talked my business partner into trading as well. We messed around with the market, and thought we had found the easiest way to make money. We thought we would start a hedge fund and retire by 2020.

However, that was not the case. Our new found money quickly disappeared when the crypto market turned at the end of 2017 early 2018. I can tell you it’s the best thing that ever happened.

As we worked backwards to try to figure out what chart or technical analysis we missed we started to look at the actual technology behind these cryptocurrencies we were trading. That is when the journey began!

We began talking to each other about why these things even existed. What would change? What would be disrupted? Whose lives would be better?

In our research we found most cryptocurrencies probably were not going to make it. So we went back and said let’s start at the beginning. We read the white paper for Bitcoin. We did so for many other protocols, coins, and tokens. We learned so much and then asked “What does this mean for us as Financial Advisors?”

Move forward a couple of years, and now Blockchain Technology is starting to impact businesses of all types. We hear major broker dealers, custodians, and funds are looking into Digital Assets. But wait it’s just “fake internet money” right?

And then these articles started popping up. From IBM, Wharton, Deloitte….etc. Talking about how blockchain could change everything or change nothing. Billions of dollars have been spent on blockchain technology and some argue that little has changed. But it’s my belief that the change is coming. If we don’t educate ourselves those that do will take our clients.

Some interesting stats from a few years back and today.

According to a Forbes article from 2017 more than 1 in 4 millennials would prefer Bitcoin to traditional assets.1The same article talks about the awareness of Bitcoin also.

Now why does that matter? According to this Business Insider2 article there are currently 618,000 millionaire millennials and by 2030 millennials will be 5 times richer than they are today. The same article states that $68 trillion will change hands over the next 30 years. So if over a quarter of millennials would rather hold Bitcon than a traditional financial product and they are poised to inherit $68 trillion, as a financial advisor wouldn’t you want to be able to advise them on this?

Now is the time to take action. Learn what Bitcoin is, learn what Digital Assets mean. Your future depends on it.

Imagine as the ecosystem evolves and other Digital Assets (which are here already) start to become more prevalent. Why would you not want to understand them?

Do yourself a favor and educate yourself now, and be on the frontlines of helping those that need it.



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