Broker says that financial advisers are charging on Bitcoin

The largest cryptocurrency brokerage service in Australia says that financial advisors around the world are investing in Bitcoin, but can not advise their customers to do the same.

Dr Prash, CEO and founder of Caleb and Brown, said micky that dozens of consultants have used his service to buy digital goods of hundreds of thousands of dollars.

"These are wealth managers, who have their own personal cryptocurrency portfolios," said Dr. Prash.

"They see the value in it … I've already dealt with five or six personally."

International interest

The dott. Prash says that most of the financial consultants who contact his staff come from abroad.

"The Australian market is still a bit behind in terms of cryptography," he said.

"About 50% of our customers are international – mostly Americans – and the Americans are definitely a bit ahead of the curve".

Interestingly, while financial investors are taking the plunge towards digital resources, the legislation prevents them from telling their customers to do the same.

"They can direct their customers to us as a resource, but they can not technically advise their customers (buy) crypts, so it's still a very gray area." Their hands are tied. "

Will the regulation change?

The dott. Prash argues that financial advisers may be able to advise their customers to buy digital assets once regulators get more clarity.

"The fact that regulators have" humiliated and lost "and has not given us anything concrete has been a problem," he said.

"As soon as this becomes a bit more concrete, I think we will see the mainstream players start to enter the market, and that's where the money is.

"At the moment, they are afraid, they are afraid because there is consistency in messaging from top to bottom, once you get a certain consistency once crypto becomes a regulated financial instrument, which is not currently , we will see the financial incumbents able to invest in it. "

Mr. Prash He stressed that there are 70 trillion dollars in funds for people with a high net worth and the current cryptocurrency market capitalization of around $ 100 billion is "coffee money" for them.

"We just need a little more of their coffee money and we'll see another peak," he said.

Bitcoin ETF

Asked about the potential of a fund traded in Bitcoin Exchange, Dr Prash laughed and said, "I feel like we've talked about it forever!"

He is right.

There has been a delay after the delay by the Securities Exchange Commission (SEC) as it decides whether to approve an investment company's request for an ETF Vaneck.

"The interesting thing is the number of times when there were delays and without cancellations," said dr. Prash.

"The only real hope this gives me is that … a lot of this is designed for those traditional investors to get their ducks in a row before the next running of bulls starts."

(It is not the first time someone has drawn this conclusion, with Micky reports the "Great Conspiracy of Crypt Crypt" by a known investor at the beginning of this year.)

"There's nothing to prove it, but if there's anything we've learned from past financial history it's that these guys are a lot smarter than we might attribute to them," said Dr. Prash.

"They are not ignoring the crypto-market, they see a market that has moved away from them before they have the chance to capitalize it and they – through regulatory influence – have power over this market in ways we do not know how to do" .

Bakkt

Dr Prash says Bitcoin futures exchange Bakkt it's good for the cryptocurrency community.

"We forget that the rest of the world does not understand the complexities of the highly technical cryptocurrency field," he said.

"But something like what Bakkt offers is something similar to what the traditional financial investor understands, giving them a way to enter the market."

Will prices ever recover?

"Absolutely," said dr. Prash.

"I think we will see some other cycles like this: while the market capitalization is still small, we will continue to see this volatility, so I think the rebound will be difficult.

"There are some investors who are resisting and are waiting for a price like this."

The dott. Prash said he can not give a chronology, but expects the new bull run to be triggered by more regulation.

What is Caleb and Brown?

Caleb and Brown was founded in 2016 to allow traders and investors to purchase large amounts of digital assets through a trusted entity.

It employs nine people and allows investors to speak directly with their brown broker, who can help them buy, store and manage their cryptocurrencies.

Another important service offering is domestic tax advice, which has been particularly useful for investors in the bear market.

"It's a good time to capitalize on recording a capital loss for tax purposes, and then reacquire it with a more tax-efficient structure," said Prash.

"We have an internal tax team that organizes people with different structures so that when you choose to liquidate, you are already holding it in a way that minimizes taxable gains."

Caleb and Brown also offers education services, ICO capital raise liquidation and set of hardware portfolio.

For Micky readers who click this link, Caleb and Brown will offer the following advantages:

• Personal Broker on call – full access to the personal broker for the commercial execution e
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