recently named Mary Rich global head of digital assets within its private wealth division and is looking to offer clients access in the second quarter of this year. That move was prompted by clients going on their own and investing in the new technological advancement without their advisors, according to Bloomberg.
“Clients started asking us about cryptocurrency a couple of years ago, we gradually built up our knowledge base and looked for ways that we could recommend ideas to them to access the space,” says Ted Katramados, director and associate portfolio manager at TAG Associates, a New York-based RIA that manages $8.6 billion. “Where we've come out is educating them and recommending actionable ideas.”
“Frankly, if you ask me where the price of Bitcoin will be a year from now, it could be double, it could be half, probably with equal probability and that's simply not a game that we're willing to recommend to our clients,” Katramados adds. “If they want to do it on their own, that's one thing, but that's not something that we'd recommend.”
“When you add all that up you have an opportunity to still make very good returns, with a fraction of the risks that you'd be taking if you just made a directional bet on the price of Bitcoin, for example,” he adds.
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