Wall Street veteran Ric Edelman backs Bitwise and Bitcoin

The head of Edelman Financial Services says every financial and investment company should allocate capital to Bitcoin

Ric Edelman, a top Wall Street advisor and Chairman of Edelman Financial Services, is now part of Bitwise and its efforts to bring more institutional investors into the Bitcoin space.

“I am bullish on it because Bitcoin is now 10 years old, it is a $200 billion market,” says Edelman. “Clearly, it is here to stay. There are massive amounts of investment going into this space.”

A revolution in the making

The author of nine best-selling books, including “The Truth About Your Future” and the “The Truth About Your Money”, comments: “There is a technological and financial revolution taking place right now with cryptocurrency that has far-reaching implications. Every financial advisor needs to educate themselves about this space, and most should be considering an allocation for clients.”

Edelman flags up the crypto market infrastructure, the liquidity of cryptocurrencies and the acknowledgement that crypto is an emerging asset class. He believes that it has evolved not only to the level of established assets class but has also proved to be a trustworthy store of value such as gold and other precious metals.

Bitcoin ETFs will happen

He also states that a Bitcoin ETF is inevitable. His comment comes as the US Securities and Exchange Commission has decided to postpone the approval of several crypto-related ETFs.

Once ETF approval happens, the market will completely change and experience a bullish momentum. According to sources close to the SEC, the regulatory body is expected to approve a Bitcoin ETF by February 2019. However, before that happens, it needs to see a more mature market that is not so susceptible to manipulation.

It has rejected Bitcoin ETF applications filed by the Winklevoss twins, Proshares, Direxion and GraniteShares.

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