Fun Friday Fact: Does Bitcoin have a place in an advisors practice?
Bitcoin has been the source of endless media speculation lately. This morning there is a report that a gold mine in the Yukon is selling for $2 million in bitcoin running on newswires. Lately it has been reported that Canada the is world's second leading destination for bitcoin-related venture capital. Expedia just announced it now accepts the currency.
As this new currency works its way into the global economy, is Bitcoin something advisors need to understand?
Yes, according to a story running this week on WSJ.
In case you missed it, the story, found here
, makes the good point that a basic ability to trade in and out of bitcoin should be something advisors can do.
As the writer has it, bitcoin is for that moment when a client calls and says "My daughter lost her wallet. She's traveling in India. She has no cash, no credit card, no bank account, no place to stay, nothing to eat. She's not close to an office that issues travelers checks. How soon can we wire money?”
This is when bitcoin shines.
Today, bitcoin cam is used to easily move money around the world at any time, in any place. The story references a website, www.localbitcoins.com
that reportedly allows easy transfer money of through 5,934 cities in 231 countries.