There are no take-backs in the Bitcoin environment; and, with future governmental regulations coming, the question becomes: what is the true value of investing in bitcoin?
In this episode of “On Purpose,” host Tyrone Ross sits down with financial advisors Ronnie Colvin, Manish Khatta and Courtney Ranstrom in this special edition of ‘The Bitcoin Haters’ Ball’. They explain the sage advice that they’ve guided their own clients with right now in regards to the Bitcoin Bull market. They also highlight many of the tremendous risks that purchasing bitcoin or increasing in cryptocurrency is an enormous risk.
Ransom: “I tell my clients to not invest in bitcoin any more than they are willing to lose.”
Colvin, Khatta, and Ranstrom give their 3 key takeaways that aid in minimizing future investment risks:
- There are no consumer protections at all. When using bitcoin as an everyday transaction, be aware that losses are a reality.
- Be as educated as possible when weighing the implications and risks associated with crypto investments.
- As an advisor, be educated and highly mindful of your clients; it is essential to continue to research as bitcoin is ever changing.
Our Haters’ Ball guests:
Ronnie Colvin : IT Financial Planner who assists technical professionals in building a roadmap for their financial future as he helps them to figure out where they are, where they want to go, and how to get there.
Manish Khatta : Is the President & Chief Investment officer of firm Potomac. Manish is a staunch believer that investment risk is something that can be contained and conquered, using quantitative trading systems.
Courtney Ranstrom: Co-Founder & Financial Life Planner at Trailhead Planners. Helps clients discover what wealth means to them.