Episode: Joining me for this panel discussion on Bitcoin are:
- Meg Bartelt, CFP®, MSFP of Flow Financial Planning
- Ronnie Colvin, CFP®, of ColeFP Wealth Management
- Adam Blumberg, CFP® of Interaxis Academy
Insight: Bitcoin can lead you down some very twisty rabbit holes. But as an advisor, learning the basics will allow you to answer the most common questions you’re going to get from clients: What is this? Should I invest in it?
Watch the Conversation Below:
3 Quotes from our Bitcoin Panel:
The worst thing you can do is talk clients into bitcoin. It drops 18% in a day, and now you’ve got to answer to that client who you talked into bitcoin and they’re not going to like you very much anymore. The goal here is to get you to understand it a bit, understand what the investment theses are, and then you decide as an advisor, does this make sense for me? And does it make sense for my client? We just want to have a plan around it. The argument is not, you need to invest in bitcoin. It’s, you need to understand it because your clients are interested in it. And that’s our job as financial advisors and fiduciaries. – Adam Blumberg
Once we get beyond the original Satoshi model, which was a very simple, elegant thing, and we start layering other things on top of it, other features, it becomes a messy situation to explain to a client why they should or shouldn’t invest. Don’t assume bitcoin is a panacea, like you see on Twitter. It’s not the answer for absolutely everything. Especially as we layer on extra features. – Ronnie Colvin
I think one of the disservices that the bitcoin enthusiasts do is they don’t break it down for people. I consider myself a fairly smart person. I know a fair bit about money. And if I can’t understand what you are saying, I don’t know if that’s my fault. I think that might be a communication issue on your side. And if you want to see bitcoin be a broader cultural, financial industry phenomenon, you are going to need to learn how to communicate in a way that people will understand. Because I don’t think that is happening enough right now. – Meg Bartelt
Interaxis Academy Adam’s company has some really great resources for advisors who want to learn more about Bitcoin and other technology related to cryptocurrency.
Understanding Bitcoin and busting myths My recent one-on-one conversation with Adam about some of the misconceptions folks have about Bitcoin.
The Bullish Case for Bitcoin by Vijay Boyapati This essay explains the history of Bitcoin and makes a case for its longevity as a store of value and an investment.
New to Bitcoin? Start Here. All of your basic Bitcoin questions answered on one page.