The article below was written by Jamie Crawley, a news reporter for Coindesk.com, and was published on coindesk.com on March 5, 2021.

This article is a prime example of mainstream money managers eager to hold cryptocurrencies, more specifically, Bitcoin for their investors, but the GOVERNMENT through the SEC is dragging their feet to put out guidance about cryptocurrencies.

 

Some Wealth Managers only talk to clients within a certain income bracket, and these are not the people you see when you go into your local bank to open a checking or savings account with a few hundred dollars.

 

Although some people in the cryptocurrency space talk about the mass adaption of cryptocurrencies, I believe we are still a few years away from calling cryptocurrencies widely adapted.

 

This article should also tell cryptocurrency novices something, and I hope they start paying attention because there is an expression called “Follow the Money.”

 

If the rich and super-rich are putting their money into cryptocurrencies, you should as well.

 

One-third of most people know little to nothing about cryptocurrencies but are getting in because of fear of missing out (F.O.M.O.).

 

This can have bad consequences because there are 8,697 cryptocurrencies to choose from, and not all cryptocurrencies have a viable use, meaning most of them will get no traction and be out of the cryptocurrency space.

 

I highly recommend anyone wanting to get into the cryptocurrency market start the entry with their cryptocurrency education so that you know exactly what you are getting into.

Read the article below, leave me a comment, subscribe to my blog so you can get notices when I post new content.

 

Wealth Managers Want Clarity on Bitcoin Rules: Reuters

Leuthold Group Chief Investment Officer Jim Paulsen told Reuters he is frustrated by not being able to hold bitcoin for his clients.

 

Jamie Crawley

 

Mar 5, 2021 at 3:58 p.m. ESTUpdated Mar 5, 2021 at 4:33 p.m. EST

Wealth Managers Want Clarity on Bitcoin Rules: Reuters

Leuthold Group Chief Investment Officer Jim Paulsen told Reuters he is frustrated by not being able to hold bitcoin (BTC, -0.06%) for his clients.

  • Leuthold Group manages $1 billion but regulatory barriers prevent the firm from holding cryptocurrency.
  • “What I like about bitcoin is … its correlation to stocks and other assets is extraordinarily independent,” Paulsen told Reuters.
  • In lieu of holding the asset itself, wealth managers are clamoring for the approval of bitcoin exchange-traded funds (ETFs) that would meet the legal standards required of traditional investments, according to the report.
  • The U.S. Securities and Exchange Commission (SEC) has not ruled whether mutual funds can own cryptocurrency directly, according to Robert Jenkins, global head of research at Refinitiv Lipper.
  • The report comes as Wall Street players (and their clients) increasingly embrace bitcoin as an asset akin to gold.
  • BNY Mellon announced a crypto custody service last month; Goldman Sachs announced this week it was launching a cryptocurrency trading desk.
  • According to Jimmy Lee, CEO of Wealth Consulting Group, financial advisors are frustrated by not being able to manage crypto for their clients. Many investors end up pursuing it on their own, Reuters reported.

 

 

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