This former Wall Street star manager is still betting on bitcoin

Bitcoin represents an opportunity to create wealth that has not been seen in more than 30 years, believes Ric Edelman, a former top fund manager on Wall Street.

The huge decline in cryptocurrencies in recent months may also be an opportunity. This is the opinion of Ric Edelman, a former great Wall Street fund manager, who has become a great voice in cryptocurrencies, reports the American media CNBC. He even founded a circle of financial professionals, the Digital Assets Council of Financial Professionals, to educate the financial industry on what he calls “the first major new asset class in 150 years.”

With his association, they are old-timers, who consider this market above all as an opportunity to follow for the long term. He has just released a book called “The Truth About Crypto” where he praises bitcoin.

“Bitcoin will most likely be massively more valuable than it is today, along with many, many other parts of the digital asset community,” Ric Edelman told CNBC. “It represents an opportunity for wealth creation that we haven’t seen in 35 years.”

Plus 7 times since 2018

In his book, the latter nevertheless remains cautious: he advises investors to have 1% of cryptocurrencies in a diversified portfolio. He also recalls some fundamentals, and in particular that the price of bitcoin, even if it has fallen by 70% since its highs of last November (at 69,000 dollars), has been multiplied by more than 7 since 2018. As a reminder, in February 2018, the price of bitcoin had reached a record level at the time of … 10,000 dollars.

Another dimension mentioned in his book: over the first ten years of their existence, most of the big names in tech on the stock market, Amazon, Apple, Microsoft, were far from posting a continuous rise. Above all, they began by losing: it was only with this necessary phase, by gaining maturity and gaining market share, that this ecosystem was able to reap the spectacular level of profits that we observe. now. According to this view, in the context of recent crypto crashes, today’s crypto players may well become tomorrow’s tech giants.

Antoine Larigaudrie edited by PA

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