I wouldn’t call this a Crypto and Digital Assets 101 class, but as I’ve begun receiving more questions about cryptocurrency I thought it would be great to bring Tyrone Ross baby (he’s a former AAYB podcast guest on the subject) to discuss the topic—covering some of the basics, along with some of the more complex details.
Tyrone is one of the few financial advisors I know helping clients (and other advisors) navigate this space and he’s my go-to whenever I come across something crypto I don’t know. I asked him to not only explain what is so unique about cryptocurrency but to also differentiate it from other digital assets, which he defines if you are not familiar with the term.
Most investors are familiar with the volatility of the prices of cryptocurrencies, like bitcoin, but very few understand the other risks associated with digital assets and cryptocurrency. THIS is what I really wanted Tyrone to explain; areas like transfer of ownership, estate planning issues, storage, and more.
I don’t think cryptocurrencies are going away and if the trend I’m seeing continues, it’s beginning to become a more common topic of discussion with investors and digital assets are not going anywhere—they are only becoming a larger part of our lives.
It’s important for investors (and financial advisors) to educate themselves and be aware of the risks associated with owning digital and crypto assets and address them in their financial plans.
Be sure to mark your calendars: Every Thursday at 7:00 PM EST on the RLS IG (@rlswealth) I’ll be bringing more guests to your mobile device to talk about various financial planning topics and issues.
Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.