Wealth managers around the world are bombarded with Bitcoin claims, according to a new Bloomberg report. The dramatic increase in the value of cryptocurrency has caused a scramble for investment, with a large number of investors seeking positions in the new asset class.
Current adoption for Bitcoin, which was still widely regarded as a black market currency, has risen at noteworthy rates. Explosive price increases have led to new vehicles for investment such as Bitcoin Futures on the Chicago Mercantile Exchange (CME) and others.
While most wealth managers are uncomfortable with the associated risk. With a new class of technologically supported assets, the bulk is ready to allow customers to enter the Bitcoin market. However, the vast majority of wealth managers suggest removing the initial investment as quickly as possible and leaving only market gains.
According to Kevin Grimes, president of Grimes and Co., it's better to sell enough of your position. to get your initial investment, but he still strongly advises to hold a position in the cryptocurrency. He says:
"Laughing Bitcoin could end up being a big mistake, Bitcoin could go to zero and be a scam, and that could go up to the numbers that no one else" still designed. "
Be that as it may, the reality that Bitcoin enters the mainstream in itself validates the potential for substantial price increases, according to others.