Financial professionals share their opinions on bitcoin




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Financial professionals share their opinions on bitcoinFinancial Professionals Share Their Opinions on Bitcoin

Bitcoin is a new virtual currency that is causing much controversy in the financial realm. According to Bitcoin, "Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks." While some see great value and possibilities in Bitcoin, others are very much opposed to this unprecedented currency. We wanted to hear what the financial professionals had to say, so we asked them to weigh in regarding their thoughts and opinions on Bitcoin.

Dan Roseman

“As a fee-only financial planner, I have a fiduciary responsibility to my clients to only recommend investments that are suitable to their specific investment plan and risk profile. While my clients’ risk tolerances run the gamut from conservative to aggressive, Bitcoin, with its short history, volatile price movements, and lack of intrinsic value is hard to ever recommend as an investment. While one could make the case for an investment in currencies (due to their diversification benefits), a purchase of Bitcoin would be pure speculation, akin to penny stocks.

I wish Bitcoin all the best of luck, but I’m afraid it may never make it into one of our investment portfolios.”