Thread by @AdviserCounsel

I am compiling this 🧵about my own education in bitcoin for those who might be interested. Thanks @ThrivosLLC for the idea.

I had a blind spot on what it was and why it should be taken seriously.

I'm not selling anything.

I am not pumping/dumping.

I own about $500.

For a balanced and simple discussion on whether it is a currency, store of value, or investment - The Fed (of all people)--more specifically the Federal Reserve Bank of St. Louis-published this helpful article:
research.stlouisfed.org/publications/p…

For info on bitcoin storage, I read @CoinDesk's 101 article on "How to Store Your Bitcoin". The whole guide is really helpful, but might be a bit much for the average reader.

coindesk.com/learn/bitcoin-…

I ultimately decided to purchase on @PayPal for ease of use. Here is my thread on that process. The one thing I dislike about Paypal is that they charge an undisclosed mark-up/down on transactions.

https://twitter.com/AdviserCounsel/status/1337416396452597762?s=20

If major custodians and retirement plan providers could/would hold Bitcoin directly, it would be a really big improvement and convenience.

For tax reporting issues, the @IRSnews: irs.gov/businesses/sma…

If you are a financial professional or institution, make sure your advisory agreements and Form ADV Part 2A accurately reflect your services and fees relating to bitcoin.

I believe Bitcoin is the only digital currency with staying power.

I think every financial adviser should understand and be prepared to talk to clients about it.

If you don't think ownership is prudent or necessary, that is fine, but be prepared to defend your thesis.

For interesting follows in the crytpo space, I would recommend:

@TR401
@Interaxis8
@eervin1
@Onrampinvest
@CaitlinLong_
@Eddyfication

I'm always open to new suggestions, but try and avoid salesy/pitchy accounts.

I'm also a big believer that the industry needs responsible regulation. The exchanges, sales, recommendations, price manipulation, custody/insurance, and so forth worry me.

I know many disagree with me, because of its decentralized nature, but I won't change my mind.