Top Wall Street adviser Ric Edelman explains why he is bullish on Bitcoin
Ric Edelman, the legendary Wall Street investor, adviser and author, has invested in Bitwise Asset Management, the creator of the world’s first cryptocurrency index fund. Edelman is also serving as an adviser to the company. In an interview the investor said the implications of cryptocurrency are far-reaching. Edelman also said financial advisers must educate themselves about crypto and blockchain.
“I’m bullish on it because Bitcoin is now ten years old. It’s a $200 billion market in crypto total, Bitcoin is about 40% of that… Clearly, it’s here to stay.” Edelman is the chairman and co-founder of Edelman Financial Services, which was recently named the number one registered investment advisor in the US by Barron’s. Edelman Financial Services has $22 billion in assets under management. Edelman will partner with Bitwise to help financial advisors understand blockchain and the crypto space. When asked whether cryptocurrencies are a separate assets class to bonds, stocks or commodities, Edelman affirmed crypto assets are “a store of value” like gold, oil, and other natural resources. “It is here to stay” said the influential advisor. “The day will come – I’m convinced, when the SEC creates, or allows, a Bitcoin ETF. And that will change everything.”
EU markets regulator budgets €1.1M to monitor cryptos & fintech
The EU’s financial markets watchdog is setting aside over €1 million for monitoring and intelligence gathering on cryptocurrencies and other fintech activities during 2019. As revealed in its 2019 Annual Work Programme – released today – the European Securities and Markets Authority (ESMA) listed its key priorities for the coming year. The agency said it aims to protect the economic bloc’s financial well-being, it takes a “particular focus” on financial innovation including crypto assets, adding that it actively looks for issues and risks connected to such activities.
It also helps coordinate the region’s regulatory initiatives on market monitoring and promoting best practices, including providing advice or proposing “relevant actions where needed.” The ESMA’s primary objective for the coming year, it states, is to: “Achieve a coordinated approach to the regulation and supervisory treatment of new or innovative financial activities and provide advice to present to the EU institutions, market participants or consumers.”
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