Digital Currencies in a Bull Market
On today’s episode of the Wiser Wealth Management Roundtable podcast, Robert Swarthout joins Casey in the studio to discuss digital currencies and how the crypto market might be considered a bull market.
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Welcome to the Wiser Wealth Management Roundtable, where we believe the best financial advice should always be conflict free! The show is hosted by Casey Smith, President of Wiser Wealth Management. Casey is joined by guest Robert Swarthout. Robert is on the Wiser Wealth Management advisory board, and he has become an in-house digital currency guru.
As the conversation between Casey and Robert begins, Robert overviews basics about cryptocurrency for listeners to bear in mind. He explains what cryptocurrency is, defines a blockchain, and shares about Bitcoin (for more on the purposes of Bitcoin, Casey directs listeners to a previous podcast episode). Casey and Robert talk through characteristics and both former and current values of Bitcoin, Ethereum, and XRP. The overall cryptocurrency market cap size is remarkable and Robert explores whether/how the crypto market might be considered a bull market.
Of course, this exploration calls to mind questions about how the cryptocurrency market operates and is changing over time. Currently, PayPal is offering Bitcoin purchase, banks can custody Bitcoin, central banks are looking at CBDC, and institutions are starting to look at holding Bitcoin on their balance sheets. While digital currency has taken significant strides toward broader use, it also brings significant challenges and risk. Wallet “keys” can be lost, Bitcoin in particular is a not a clean currency (in terms of carbon footprint), investors do not yet know how to assess the asset class of cryptocurrency, and relevant government policy is still being clarified (through, for instance, a current lawsuit between Ripple and the SEC). Robert and Casey are interested to see what the future of the digital currency market will bring, and in the meantime, they’re recommending a conservative approach to cryptocurrency and carefully weighing the place of digital currency within investment portfolios.
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