The interest in the popular digital currency called bitcoin has mainly come from the bottom-up in the financial industry. Money managers and financial advisors say clients keep asking them about the new currency, but many managers have shrugged their shoulders.
David Berger, formerly CEO of Camden Wealth has started a new organization, the Digital Currency Council, that will offer classes and workshops in Lower Manhattan for those who want to learn all about bitcoin. “We believe advisors, folks who are taking fees to give advice, need to be held to a higher standard of understanding.”
Bitcoin, to the joy of some and to the chagrin of others, is here to say and is not just another easily dismissed fad. Paypal’s Braintree unit will start taking Bitcoins for payment and there are a number of Bitcoin exchange-traded funds in development. For Bitcoin education, Berger said, “There is definitely demand, well beyond Wall Street and Silicon Valley.”