Replying to Avatar Madame President

Was listening to a Scotia-wealth advisor today. He manages the money of a close friend of a mind. My friend told him she wanted to allocated 5% of her portfolio in Bitcoin.

He then went on a rant saying how Bitcoin was for gamblers and low net-worth individuals looking to bet. Told her to go to a casino instead.

You couldn’t even reason with the guy because he kept assuming bitcoin was an NFT.

The conversation ended with him telling her that if she wanted to buy bitcoin, she should do it by herself because he wasn’t going to touch it.

You really reach a point where you don’t even want to talk to people like him. Truly shows how little their understanding of the world is.

There’s no point in focusing so much on bitcoin education, when most wealth managers can’t even grasp the concept of money.

Btw my friend is in her early 40s, so she’s not some old hag looking to buy T-bills.
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HitG 1y ago

Sad but not surprising. He will capitulate or go out of business in a few years.

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Madame President 1y ago

It’s a pandemic of ignorance here in Canada. I had a similar conversation with one of the wealth managers over at RBC.

Same bullshit comebacks “it’s for gamblers”, “people looking to get fast returns.”

Hope the wealth managers in your country are better.