Fredric Ric Edelman is an American hedge fund manager and millionaire. His net worth as of 2020 was estimated to be around $150 million. He has gone on to publish several widely successful self-financing books. He is also the founder of a financial advisory service called Edelman Financial Engines. He recently issued a statement calling on his counterparts to keep an open mind about Bitcoin and the blockchain projects.
Edelman told the media that Bitcoin is the first new and legitimate asset class entity in the last 150 years. Speaking to journalists at Yahoo Finance, he said that Bitcoin is indeed a unique and individual asset class commodity. He further added that it would not be possible to measure the crypto market antics with the same tools as other asset class units like stocks, securities, bonds, real estate, fossil fuels, agriculture produce, or any other for that matter.
Ric Edelman Thinks that Bitcoin is the First Asset Class in Years to Give a Tough Competition to Gold
Ric Edelman was talking to journalists from Yahoo Finance recently about Bitcoin. As a hedge fund manager, he wishes to treat Bitcoin and other cryptocurrencies like an investment diversification option. He also called upon the bias of traditional hedge fund managers towards the digital asset markets. A new survey conducted by Opinium analytics indicates that about 90% of brokers and financial consultants advise their clients against crypto investments.
The survey used data submitted by about 200 private fund managers in the United Kingdom. However, Edelman believes that Bitcoin and blockchain technology might be unique and run on their own rules, but that is no reason to exclude it from the list of potential investments. As per his opinion after gold, Bitcoin is the best asset class available for the benefit of capital managers.
Ric Edelman is also a host of The Ric Edelman Show for a public channel. He opines that if the independent financial advisors would keep analyzing crypto under the same looking glass as stocks and securities, they would never to able to decipher the code for making profits. He further added that Bitcoin has a strong technical foundation that sets it apart from grand market bubble examples like the Tulips craze and the beany babies mania.
According to him, blockchain technology is the singular most effective and influential invention since the internet. He also claims that the approval of Bitcoin exchange-traded products is only inevitable. At present, the SEC has opened up public comments and dialogue for getting a solid verdict on the VanEck Bitcoin ETF application.