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Why Your Adviser Might Start Talking Up Bitcoin

Some days it seems just about everybody is urging you to buy bitcoin. Now, your financial adviser might, too.

10/23/2021 1:39:00 PM

Some days it seems just about everybody is urging you to buy bitcoin. Now, your financial adviser might, too.

The advent of bitcoin-related ETFs makes it easier for financial professionals to help you add crypto to your portfolio. It also lets them earn fees on it.

September 24, 2021Most advisers should understand that; one who nevertheless recommends a bitcoin futures fund is probably “just a salesperson, not someone focused on your long-term goals,” warns Mr. Ross.Be on guard against “people making absolute guarantees about the future,” says Mr. Cruikshank. “You wouldn’t accept grandiose claims based on only a few years of data in any other asset class, and you shouldn’t with crypto either.”

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Adding crypto to your portfolio, whether you do it or your adviser does, requires both of you to start from scratch.SHARE YOUR THOUGHTSHave you discussed bitcoin with your advisor? How did it go? Share your experience in the comments below.Even a small allocation to digital currency can transform your entire portfolio’s risk and return. Has your tolerance for risk changed? How much, and why? Your investment policy statement, which explains your portfolio’s goals and how your assets are positioned to achieve them, needs to be revised. So do your financial plan and your estate and retirement plans.

If buying crypto is your idea, your financial advisers are just doing their job if they ask you to review these documents with them first.If buying crypto is their idea, then it’s your job to say “no” if it makes you uncomfortable.If you and your advisers together decide to buy some crypto, insist that they review your risk tolerance. They should also revise your

investment policy statementto mandate monthly reviews of your crypto holdings and redraft your financial plan to account for the new strategy. Make sure they discuss how it would fit in your overall portfolio and square with your financial objectives—rather than just how it might jack up returns.

Finally, urges Mr. Ross, ask the most important question of all: “How do you get paid on it, and what will it cost me?”A bitcoin mining facility in upstate New York is using electricity from a local hydroelectric plant powered by the Niagara River. The company is part of a group of miners attempting to make the industry more sustainable, both environmentally and financially. Illustration: Alex Kuzoian/WSJ

Write tointelligentinvestor@wsj.comCopyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Appeared in the October 23, 2021, print edition as 'What to Do When Your Adviser Catches a Case of Crypto-Fever.'

Read more: The Wall Street Journal »

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The financial advisor... lol If your financial advisor recommends bitcoin, find someone else to advise you. A year ago I ran into a group of financial advisers at a brewery in upstate NY, asked them if they were interested in Bitcoin or the crypto markets for themselves or their clients. BTC was somewhere in the mid teens. No interest. Now it's a much worse value and they're interested

nice Bitcoin is like any other stock except they advertise more. The value is based on the number of people buying it. There's no magic. Makes me extremely suspicious. Every comment on social media or YouTube gets a bitcoin scam response I already invested into UQC but i think i will Put some more beans in it!!

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