Source: Financial Advisor Magazine
There’s general agreement that Bitcoin has the potential to disrupt and transform the practices and institutions on which the current financial system is built. Whether you are an enthusiastic advocate or a staunch traditionalist, wealth advisors – especially those with fiduciary responsibilities – have an obligation to get educated on the digital currency and understand the implications for themselves, their practice and their clients. To learn more, Hannah Shaw Grove, executive editor of Private Wealth magazine, recently sat down with David Berger, the founder and CEO of the Digital Currency Council, a professional association dedicated to cultivating best practices in the digital currency economy through the training and certification of financial, legal and accounting professionals.
Grove: The Council has attracted almost 1,000 members in just a few short months, pointing to strong demand from professionals for information and governance in an area that is still largely undefined. What was the genesis of the Digital Currency Council?
Berger: I’ve been following Bitcoin over the last 3 years. In my previous role as CEO Americas at Campden/Institute for Private Investors, many ultra-high-net-worth investors expressed an interest in Bitcoin. They had lots of questions and were intrigued by the potential, but when I spoke with their wealth managers I was met with shoulder shrugs and a general lack of knowledge. It became clear to me that advisors and other financial professionals would need to develop an expertise on digital currencies because their clients would demand it.