Bitcoin mania takes off as client calls bombard advisers

Author: , Post Date: November 25, 2017

Excerpt below:

“Wealth managers across the US are fielding calls and e-mails from clients worried they’re missing out on something big by not owning bitcoin. While most advisers don’t recommend buying such a volatile asset with no intrinsic value, they do have tips for clients who have taken the plunge, or are dead set on doing so.

“The cryptocurrency has been whipsawing Wall Street: UBS Group AG, the world’s largest wealth manager, is shunning bitcoin allocations because of a lack of government oversight, while Michael Novogratz is starting a $500mn hedge fund to wager on digital assets. As bitcoin mania moves to Main Street, thanks to its spectacular rise from about $750 to $8,200 in a year, five advisers offer some suggestions.

“Kotok, whose Sarasota, Florida-based firm manages about $3bn for high net-worth clients, warns them off bitcoin, calling it a classic momentum trade. But for investors who own it and brag about the gains, he advises them to take their original investment off the table. Better to gamble with house money.”


Read full article here:

cumber map
Cumberland Advisors® is registered with the SEC under the Investment Advisers Act of 1940. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in the states where Cumberland Advisors is either registered or is a Notice Filer or where an exemption from such registration or filing is available. New accounts will not be accepted unless and until all local regulations have been satisfied. This presentation does not purport to be a complete description of our performance or investment services. Please feel free to forward our commentaries (with proper attribution) to others who may be interested. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.