On Wednesday, April 14, Coinbase Global Inc, the largest cryptocurrency exchange in the U.S., officially became public under the ticker COIN, introducing millions of people to the world of digital assets. However, despite the current hype surrounding Coinbase, some experts believe waiting for a Bitcoin ETF might be the better route for both financial advisors and investors. Why is this the case? InvestmentNews recently turned to Terry Sawchuk, founder and chairman of Sawchuk Wealth, for insight.
According to Sawchuk, this is particularly the case for advisors that are restricted for compliance purposes from engaging with cryptocurrency. Additionally, with at least eight applications for a Bitcoin ETF filing with the Securities and Exchange Commission (SEC) since late December, there will likely be plenty of options.
“As for clients, it seems likely that through financial advisors, very soon crypto will be available through the brokerage channel via ETFs, and when that happens it opens up a massive amount of liquidity that could potentially move crypto,” Sawchuk tells the publication.
While ETFs might be a more favorable option, Coinbase may be the catalyst many financial advisors and investors need to begin learning more about Bitcoin and other digital assets.
Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Sawchuk Wealth and JWC/JWCA are unaffiliated entities.