Despite the dismal performance of crypto assets, this space continues to receive attention from prominent thought leaders in traditional capital markets, making it evident that this industry shows promise and is much more than a well-thought-out fad or trend.

The brain drain of the legacy market has continued, with Ric Edelman, the chairman of a financial services firm that shares his surname, joining hands with San Francisco-based Bitwise Assessment Management as a leading investor and advisor. Although Edelman hasn’t left his former stint at the firm he parented, his move to overtly back Bitwise, a prominent crypto-focused index provider, brings further legitimacy to an industry that is continually bashed by misleading headlines from traditional news outlets.

Ric Edelman, who wasn’t afraid to cheer Bitcoin on from the sidelines in the past, cleared his schedule to sit down with CNBC’s “Fast Money” panel to discuss his first formal foray into what can only be described as the most promising industry of the decade.

Top Wall Street advisor @ricedelman just entered the world of #bitcoin in a big way. Here's why he's embracing #crypto. pic.twitter.com/c0lRh0AxoI

— CNBC's Fast Money (@CNBCFastMoney) October 3, 2018

CNBC’s Bob Pisani commenced Edelman’s guest appearance by asking the author and investment guru why he is bullish on Bitcoin, the internet’s native currency. The prominent investor stated:

“I’m bullish on it because Bitcoin is now 10 years old, it’s a $200 billion market when it comes to crypto total, Bitcoin is about 40% of that. Clearly, it is here to stay. There’s a massive amount of investments going into the blockchain and crypto assets specifically.”

While he may know all the intricacies of this nascent technology himself, Edelman went on to explain that a good portion of investment advisors today lack the knowledge and expertise to actively discuss crypto assets and blockchain technologies with their clientele. Alluding to the fact that this factor is clearly hampering the adoption of crypto assets, the chairman of Edelman Financial went on to add that his primary purpose in this industry is to bolster the public’s knowledge of this space.

Pisani, the aforementioned CNBC contributor, went on to query the former traditionalist about his expectations for the future of crypto assets in classical investment portfolios. Pointing out that all cryptocurrencies are crypto assets, but all crypto assets aren’t cryptocurrencies, Edelman noted that this form of digital value will become a mainstay in the investment world of the near future, but added that he can’t give a clear forecast for much financial influence this space will garner.

Regardless, likening crypto assets to the most valuable materials on Earth, like gold, silver, and natural resources, he explained that the asset class of blockchain-based tokens is undoubtedly here to stay. But before this asset class gains traction, Edelman, who isn’t afraid to speak his mind, pointed out that regulation is a must, as allocating capital to this space, which he dubbed a “wild west,” may be a difficult task for the average Joe.

A Bitcoin ETF, however, may be the key to unlocking this untapped potential, as the chairman added that the U.S. Securities and Exchange Commission’s (SEC) green light for such a product will fundamentally alter how this market operates. The CNBC host, who has shown hints of anti-crypto sentiment in the past, seemed skeptical, stating that the SEC has clear reasons to deny ETF proposals.

But still, Edelman remained adamant, closing off his time on CNBC by putting weight behind his comment that this smartest minds in this space will eventually band together to find a way to satisfy the SEC. Edelman stated:

“I am convinced that the industry will meet the SEC’s requirements and will resolve the SEC’s concerns… When is it going to happen, I don’t know. It could be one month or two years, but I am confident that one day, we are going to see it happen so you have to be prepared for that now.”

The post Prominent Investor: The SEC’s Approval Of a Bitcoin ETF Will Change Everything appeared first on NewsBTC.

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