Crypto currency questions and conversations continue to swirl in the media and wealth advisory space these days and I am fascinated by the level of interest with my more wealthy friends. It is certainly in the cocktail circuit, for those who are entertaining trading approaches towards building wealth. Most of the questions revolve around some derivative of “when should I get in or get out of Crypto positions”. My usual response is you should consider your investment assets and strategies in a more holistic approach and refrain from trading in/out of positions like a day trader.
I also take a moment to share 30 years’ experience with newly engaging and exciting products. Simply put: “The Street seems to find a way to blow itself up with new and exciting products about once every 5 to 10 years and many suffer the consequences' '. Most advisors I know are attempting to steer clear of the Crypto world, for the time being, until they are more comfortable with its place in the risk spectrum relative to client portfolios.
My hope for all things Crypto is that it does not turn out to be one of those types of classic “Street” situations.
