Bitcoins in your client's back pocket?

Bitcoins in your client's back pocket?

Bitcoins in your client

North of the border, the feeling seems to be mutual with confidence in the digital coin lagging.

“At this point … as long as people have faith in the U.S. dollar and its world dominance, I’m not sure a virtual coin or currency is going to replace electronic bank transfers that people can do quite easily,” says Doug McCaw, an advisor and the managing director of Stonegate Private Wealth in southwestern Ontario.

But with ‘influentials’ like Sir Richard Branson endorsing Bitcoin calling it “an exciting new currency“ and approving it as a method of payment for his commercial space flight venture, how should advisors respond if a client wants to take the digital risk?

Trying to explain what bitcoins are (what are they again?) may be enough to sway clients from taking the plunge. Tell them to leave the ‘tried and true’ testing to the Bransons of the world.  

“As far as the bitcoin goes, I don’t think they are going to be travel with the computer simultaneously,” says McCaw. “I would say (to my clients) stick with your primary bank and arrange to do electronic fund transfers.”

For more information on the Coinbase deal click here.

What's your take on the future of Bitcoins? Tell us your thoughts in the WP comment box below.


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