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.
[adinserter block="1"]“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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