Crypto-skeptic portfolio managers will lose next generation of investors
Fred Pye, CEO of 3iQ, a Canadian multi-crypto asset portfolio manager, warns advisors who remain skeptical about crypto assets, that they risk failing to connect with the up-and-coming generation of investors.
The CEO of 3iQ, Fred Pye spoke at the ETF Summit in Toronto, where he stated his beliefs that cryptocurrency and blockchain will reach the same levels at the internet over the next 20 to 25 years.
Pye warned that advisors who continue to refuse to look at crypto assets will risk failing to connect with the next generation of investors.
'The next generation of clients that are 35 and under, if you are not prepared to look at crypto assets and the digital asset space, you are not going to be able to attract those clients because they want to be able to do everything online', he said.
The CEO is convinced that digital assets are the future and pointed to power, bandwidth and cloud storage as the usage areas that are skyrocketing.
He asked: 'Who used more lumber, heat or paper last year than this year? Nobody did. You have to start looking at digital commodities, digital assets, and digital currencies.'
Pye further added that the younger generation of investors their asset allocation is way out of control and is wrong.
'They need financial advisors to wheel them back. Advisors need to show them that crypto assets are less than between -0.15 and +0.15 correlated to every other asset class we look at.'
'As a standard hedge fund manager, you are looking for the ideal, perfect non-correlated asset class, which is this!'
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