One of the big questions many retirees like me ask ourselves is: How should I be investing my money wisely? Until recently, the answer came down to making smart choices among stocks, bonds and cash — possibly real estate and precious metals. But should it now also include cryptocurrency?
The noted financial adviser and syndicated radio personal finance talk show host Ric Edelman says: absolutely. He’s founder of the Digital Assets Council of Financial Professionals, a group helping educate financial advisers about the crypto world and now out with a new book explaining why and how: “The Truth About Crypto.”
I realize interest in and use of bitcoin and crypto in general is growing. By the end of 2022, Edelman says, more than a third of American adults will own the currency bitcoin. I confess I’m skeptical about cryptocurrencies as an investment, due to their volatility –and I’m especially nervous about them in retirement portfolios.
Read: You can now use bitcoin to pay college tuition — but should you?
Edelman thinks I’m wrong, as you’ll see in my interview with him below. (You can also hear Edelman talk about this on my “Friends Talk Money” podcast, whose latest episode is on the pros and cons of investing in crypto for retirement.)
As you’ve likely heard, Fidelity — the largest provider of 401(k) plans in America — has jumped on the crypto-for-retirement bandwagon, too. It plans to let employers with Fidelity 401(k) investment choices…