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Ric Edelman Chastises Vanguard CEO, Wall Street Execs For Rejecting Bitcoin

FYI: Well-known and outspoken advisor Ric Edelman chastised Vanguard's CEO Thursday for saying the investing giant will never offer a fund focused on Bitcoin.

“He will be eating those words,” maintained Edelman about the comments made by Vanguard CEO Tim Buckley. “It’s the dumbest statement I’ve ever heard anybody make.”
Regards,
Ted
https://www.fa-mag.com/news/edelman-chastises-vanguard-ceo-for-bitcoin-comments-36957.html?print

Comments

  • edited February 2018
    “We see these statements coming out of Wall Street from these 50-year-olds plus, and I’m one of them. Executives on Wall Street are in total denial about cryptocurrencies specifically, and blockchain generally,” Edelman continued.
    If Mr Edelman had been reading MFO, he would know that Vanguard is embracing blockchain.
    https://www.mutualfundobserver.com/discuss/discussion/37301/vanguard-will-use-blockchain-to-share-index-data/p1
  • edited February 2018
    Blockchain is not the same as Bitcoin. The reference to Vanguard is about Blockchain. If my vague understanding is correct, Blockchain is a technology or platform that the cryptocurrency product "Bit coin" uses.

    I also believe cryptocurrency is the future, but that doesn't mean Bit coin is the choice product or the only product for cryptoconcurrency in the future. I think there will be many iterations. But on the other hand maybe since they were first they will be the gold standard of crypto. That is the investment gamble.

    Hey, who the hell would have guessed something called a cell phone would rule the world 30 years ago? And when it started out, didn't everyone drive up Motorola stock, not Apple?
  • msf
    edited February 2018
    It might have helped had PennyBonds continued the quote with the next line from Edelman:

    "They are in “denial” because they don’t understand the technology, Edelman said."

    A company that doesn't understand a technology (at least its capabilities and limitations), doesn't embrace it as a user, let alone as an investor. It sounds like Edleman doesn't comprehend Vanguard's thinking.

    It's not because Vanguard doesn't appreciate the technology that it has no interest in one of its applications.

    I'm sure Vanguard understands internet protocols, yet it never offered an internet fund. BTW, how did those funds turn out?
    https://www.marketwatch.com/story/former-internet-fund-stars-10-years-after-the-bust-2010-03-08
  • Rick Edelman is a talk radio entertainment host who has parlayed that into financial empire. Take what he says with a grain of salt.
  • >> talk radio entertainment host who has parlayed ...

    That's a bit much.

    In listening to RE for over a decade, I think it is, I've never heard him say anything that needed to be salted, or not more than much financial opining. Less, rather, actually.
    His firm has won all sorts of awards (mags like Barron's, I think) as a fin adviser, fwiw.

    >> It sounds like Edelman doesn't comprehend Vanguard's thinking.

    Well, reread the OP piece; seems to me that's not exactly what he's said to have said. But yes, interesting he charges his age cohort does not get blockchain. I concur in the view that it will be change things bigtime, and many fin people smarter than I have the same take.
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