A well-known investor from wall street and bestselling author Rick Edelman took part in the financing of the company-Creator of the cryptocurrency index Fund Bitwise Asset Management and became its consultant.
In a conversation with CNBC, Edelman said that cryptocurrencies have far-reaching prospects. He believes that financial advisors need to have skills related to the new market.
"I share a bullish sentiment because bitcoin has only been around for 10 years. Bitcoin owns 40% of the $200 billion market," Edelman said. "He's obviously going to be a long time."
Edelman is the Chairman and co-founder of Edelman Financial Services, a firm that Barron's recently named the leading investment Advisor in the US.
According to Edelman, the cryptocurrency space attracts huge investments, but financial experts still show a lack of knowledge in this area. "I found that they, in fact, do not understand this topic, no more than their customers. This means that they can not advise on this issue," he explained.
The investor claims that the purpose of his collaboration with Bitwise is to "raise the bar" of awareness about the cryptocurrency space and attract financial advisors so that they "represent great value to their customers."
Comparing cryptocurrencies with bonds, stocks and commodities, Edelman confirmed that bitcoin should be considered as a means of accumulation, along with gold and other natural resources.
"Today, most people do not understand blockchain. They don't understand what crypto assets are. For example, they continue to call them cryptocurrencies. Therefore, we must take on the educational function," he added.
Edelman argues that the size of the cryptocurrency market has reached a point where it can no longer be ignored, and the cashless society is the inevitable future, while technologies such as Ethereum and smart contracts continue to change the Finance industry.
Although Edelman admits that the situation in the cryptocurrency market resembles the "Wild West", characterized by the spread of fraudulent schemes and lack of regulation, he is convinced that bitcoin-ETF will sooner or later be approved. "This day will come, I'm sure. The SEC will make or allow you to launch a bitcoin ETF. And then everything will change, " he concluded.