Broker Check

What He Said, someone in the know explains cryptocurrencies.

| December 11, 2017
Share |

I've increasingly had clients and in general, everybody asks our opinion on Bitcoin and cryptocurrency. Here's my opinion, I don't fully understand it and even if I did it's too risky for my money.

The one thing I will say though is this craze, bubble, new asset class whatever you want to call it is here for the time being. It seems to have a religious following among its adopters and a vocal online fan club. The number one app in the Apple App Store is Coinbase. An app that lets you buy and sell Bitcoin with relative ease. I'm also guessing that many people can probably quote a more accurate daily price for Bitcoin than they could assign a current value to their own 401K account at work at this point.

This past weekend major exchanges started rolling out ways to bet on the direction of Bitcoin through futures contracts. So slowly but surely this instrument is becoming legitimized not by adoption but peoples ability to make a quick buck. While major central governments and financial regulators continue to review and assess its application and how to classify it. Cryptocurrencies are here and it's dominating the airwaves. This guest blog post by Adam Ludwin is the most coherent and well put together explanation for what is going on in this space. Please take the time and read this.

https://blog.chain.com/a-letter-to-jamie-dimon-de89d417cb80

Share |