Investment icon Ric Edelman, named the nation’s top independent financial advisor by Barron’s three times over, says he’s a believer and investor in cryptocurrency.
In a new interview with Real Vision, the founder of Edelman Financial Engines, which has more than $200 billion in assets under management, says he first began to tinker with crypto assets in 2014 as an experiment.
“I began with Bitcoin in 2014, and it was an academic exercise. I want to open up a Coinbase account, see how this works. I want to buy a Bitcoin and see and just learn. I did that for a bit of time and began to, as my research continued, my conversations with so many in the crypto space evolve, began to realize there really is a there there. This is not just a Beanie Baby.”
Since then, Edelman says he has grown his portfolio and invested in Ethereum. He also names the crypto asset XRP as a cryptocurrency that could play a key role in a crypto revolution.
“I increased our exposure with my wife, Jean, and expanded into Ethereum. I am as excited about that, frankly, as I am Bitcoin for totally different reasons, and this is something that – we are not talking about Coke and Pepsi. We are talking about two fundamentally different aspects of this technological revolution.
You can extend that to Ripple. The reason that a lot of these key coins exist is that they solve a problem that the others were facing. Bitcoin is not the end-all solution.”
Edelman cautions that many altcoins are destined for obscurity, and he has no plans to mine BTC due to the complexity involved.
“It has a huge head start. 70% market share on a brand that none of the others have, but there is a reason technologically for the existence of these other coins. A lot of them are nonsense, but some of them make sense. Recognizing the cumbersome element of buying coins themselves, I chose personally not to engage in mining, too time consuming. I am too busy in my day job with Edelman Financial Engines. I am not going to go there.”
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