As bitcoin continues to gain in value, wealth managers are finding themselves being questioned about the asset and whether they should invest in it.
One such company that is experiencing this is Cumberland Advisors, based in Sarasota, Florida. In an interview with Bloomberg, David Kotok, co-founder, chairman and CEO of Cumberland Advisors, said that clients are frequently asking them about the digital currency.
They think it’s cool. It has the newness, which is attractive to some people, though others would say newness is a risk they don’t want to take.
It’s not just Cumberland Advisors, though, that is seeing a rising number of clients approaching them regarding bitcoin. All across the U.S. wealth managers are being questioned. Yet, while some are offering tips to clients on how to get involved with it, Kotok’s company is advising potential investors away from it.
Others, however, such as Kevin Grimes, president of Westborough, Massachusetts-based financial investment company Grimes & Co. is of the opinion that ignoring the cryptocurrency market would be a mistake…
Read Full: Wealth Managers Are Seeing a Spike in Investors’ Interest in Bitcoin
