“The 1st wave of change from blockchain technology targeted banks, and the next waves will target traditional broker-dealers and custodians“–Paul Ebeling
Digital assets are designed to be assets investors can hold themselves, and the underlying technology could/will render broker-dealers and custodians obsolete, replaced by algorithms operating at little or no cost to the advisor or end investor.
Advice is a product that never goes out of style. It is a service that is always needed, but the product distribution system we are traditionally forced to deal with is going away.
Digital assets will cut out many of the layers of middlemen that it has traditionally taken to invest client money, and they are the 1’s who will miss out, not the planner on the front end.
As that shift happens the public discourse on cryptocurrencies will continue to be over their utility as an investible asset class, which means we will have to live with the push and pull between skeptics and enthusiasts, Bulls and Bears.
There is a reason we are all trying to get over and through any intermediate frame, because that is what it is going to take before people can clearly see the utility digital assets will bring to their day-to-day lives.
Like the Internet, Crypto will Change the World
Conceptually, it all made sense, but it did not come together until people saw the difference in their lives. The digital assets explosion cannot happen until independent advisors feel like they can bring their clients to crypto in a safe and legal way.
Have a prosperous day, Keep the Faith!