Ric Edelman creates ‘yellow pages’ for Bitcoin, other digital assets

The Digital Assets Council of Financial Professionals, an educational organization founded by Ric Edelman, helps financial advisers provide cutting edge asset advice by reverting to an old concept: the yellow pages.

“We created the DACFP yellow pages to serve as a clearinghouse for all products and services available across the world for Bitcoin and digital assets,” says Edelman, who is best known as the company’s founder. wealth management which is now Edelman Financial Engines. “One of the challenges that counselors face is knowing who the suppliers are. ”

“In two years, exposure to digital assets will be commonplace,” predicts Edelman.

Photographic illustration by staff; The time of dreams

The DACFP Yellow Pages are designed as a one-stop-shop where advisors can find everything from portfolio management tools needed to manage digital assets, to estate planning lawyers and tax advisors who know those assets, to lending platforms and loan, from funds advised by donors who accept donations in Bitcoin.

Edelman has long been optimistic about digital assets, which he says “represent the best investment opportunity since the invention of the Internet.”

The inclusion of suppliers in the DACFP yellow pages does not imply that they have the group’s approval, says Edelman, who recently left Edelman Financial Engines. Much like the old Yellow Pages (whose foundation dates back 126 years before Bitcoin’s), it is a directory agnostic. Like its ancestor, it also invites companies to place advertisements that will improve their visibility.

Fourteen percent of financial advisors use or recommend cryptocurrencies, and 26% planned to increase their use or recommendation of cryptocurrencies over the next year, according to a March 2021 survey by the Journal of Financial. Planning and the Financial Planning Association and supported by Onramp Invest, which provides access to crypto assets to registered investment advisers. This study also found that 49% of advisers had answered questions in the previous six months about investing in cryptocurrencies, up from 17% a year earlier.

“In two years, exposure to digital assets will be commonplace,” predicts Edelman.

It is increasingly easier for advisors to help clients purchase investments in crypto and digital assets. Milestones include the recent launches of three exchange-traded funds focused on Bitcoin futures: the

VanEck Bitcoin Strategy ETF,


ProShares Bitcoin Strategy ETF

and the

Bitcoin Valkyrie Strategy ETF.

Last month,

Interactive brokers

became the first full-service custodian to allow advisors to trade cryptocurrencies alongside other asset classes.

But what advisers really want is a spot Bitcoin ETF, Edelman says. The Securities and Exchange Commission has yet to approve an ETF that can directly own Bitcoin, and it’s unclear when that might change. But Edelman argues that investors and advisers who sit on the sidelines for a pure gambling Bitcoin ETF are “doing themselves a terrible disservice.”

“There are many other ways you can engage that are not risky from a compliance or legal perspective, which you can incorporate into your practice easily, transparently and painlessly, that will satisfy the needs of the community. needs of your practice as well as those of your clients, ”he says. “There is no reason not to get involved at this point; it’s time for advisers to start from scratch.

ETF Global X Blockchain & Bitcoin Strategy PARTS
ProShares Bitcoin Strategy ETF BITO
Bitcoin Valkyrie Strategy ETF BTF
VanEck Bitcoin Strategy ETF XBTF
IShares Exponential Technologies ETF XT
ETF Innovation ARK ARKK
Siren Nasdaq NexGen Economics ETF BLCN
ETF Amplifying transformational data sharing BLOK
Osprey Bitcoin Trust OBTC
Bitcoin Trust in Grayscale GBTC
Bitwise 10 Crypto Index Fund BITW
Grayscale Digital Large Cap Fund GDLC

Source: Council of Financial Professionals on Digital Assets

Write to [email protected]

Calvin W. Soper