Understanding Bitcoin and busting myths with Adam Blumberg

In a Nutshell: Learn the basics and dispel the myths around Bitcoin so that you can provide advice that's in your clients' best interests.

Guest: Adam Blumberg, CFP, co-founder of Interaxis, a company that provides research and education to advisors and companies in the cryptocurrency, digital assets, blockchain, and DeFi space. 

My Key Takeaways:

1. Money is complicated. Money's been called many things and we discuss some of its key properties and why Bitcoin may just be the ultimate manifestation of "money."
2. Bitcoin is not going away. It's survived several boom and bust periods and is now hovering near all-time highs. Big players like Fidelity, MassMutual, Paul Tudor Jones, Bill Miller, Stanley Druckenmiller, and many others own and advocate for it.
3. Bitcoin is not for everyone. Not yet, anyway. But as interest rates stay low, federal deficits rise, and ideas like Modern Monetary Theory gain popularity, there's a subset of your client base that will be looking for alternative investments. Do you want those clients buying volatile crypto on their own or working with you to diversify a reasonable percentage of their portfolio?

Also Learn:

1. What the difference is between "bitcoin" and "Bitcoin."
2. Why many bitcoin proponents call it "digital gold."
3. Why some of the mystery that turns people off Bitcoin -- such as who created it -- is actually a strength that has helped it gain widespread adoption and acceptance as a store of value.
4. Where advisors are turning to learn more about Bitcoin, even if they ultimately decide to guide their clients elsewhere.