The Convergence of AI and Crypto

What it means for the future of finance

Ric Edelman: It's Wednesday, July 12th. And, you know, there's been a big change in the buzz in the investment world. What happened to crypto? Nobody seems to be talking about it anymore. Instead, everybody's talking about generative AI. You know, ChatGPT.

Does this mean that crypto is dead and it's all about AI? Well, guess what? AI and crypto go together like chocolate and peanut butter. Yeah. Blockchain technology. The underlying technology of crypto can be used to help. I do what it does. You see, the big challenge with AI that we're all beginning to recognize is that this generative AI can create fake and false information. How can you verify the authenticity of the content you're looking at online when it's created by ChatGPT? Blockchain technology can be used to verify that authenticity. You can use crypto to create an auditable track record of the decision making processes that AI uses which otherwise can't be easily scrutinized.

There are other solutions that crypto brings to AI, including data resources. Generative AI needs large, generalized, high quality databases to be able to answer all the questions that you and I ask it. The biggest problem for AI is access to data, but decentralized data marketplaces provided by crypto can solve that problem. And training AI is really expensive because it needs access to so much data.

But blockchain technology can reduce the cost by rewarding users to volunteer their idle computers at home when your computer is not in use, but it's still connected to the internet, your excess memory capacity cannot be used by ChatGPT. This allows you to earn money without actually having to do anything.

And then there's data authenticity. That's a major issue because as I mentioned, I can create fake content really easily. But blockchain and NFT technology can help solve this problem because of the open provenance of its content. With blockchain, everybody knows where and when content is created and by who. By merging AI and crypto, we make both better.

Right now, AI is dominated by only a few large companies. Crypto platforms, though, will let it have a broader array of contributors. And if you need any other evidence that AI and crypto are merging, just look at what Sam Altman is doing. He's the CEO of OpenAI, the creator of ChatGPT. And Sam has secured $100 million in funding to create a new digital asset. He's calling it World Coin. He's going to use iris scanning technology to create a global identification system that will distinguish between humans and robots and provide universal basic income to help offset job losses that are caused by AI. The guy who invented generative AI is using crypto to create income for people who lose their jobs because of AI. Who says these two are not merging?

And so, yeah, crypto is chugging along, even though all the headlines these days are all about AI. In fact, take a look at the platinum group. This is the leading issuer of tickets for the Formula One auto races. 

They are now issuing tickets to auto races in the form of NFTs. The tickets are minted on the Polygon blockchain. The NFTs provide access to the race like any other ticket, but the holders also get access to exclusive parties at the event and discounts to future races.

And then there's combat sports. They're starting to use blockchain technology to what's a combat sport? Oh, you know what that is? Boxing, professional wrestling, MMA, Mixed martial arts. These businesses generate $1 billion in revenue annually, but they're all highly centralized companies. They rely on Pay Per View as their primary business model. But now there's a new company, Karate Combat. This is the first sports league structured as a DAO, a decentralized, autonomous organization using blockchain. They're launching the Karate token, making them the first pro sports league governed by a blockchain token. This will empower fans in unprecedented ways. They'll have a pivotal role in the league's rules, and they'll be able to participate in betting. The use of the token means that this company is no longer solely dependent on Pay Per View and TV rights. Instead, they'll make money from sponsorships, cross-platform viewing, open IP licensing, NFT sales, even event related fees.

And then there's the airline industry. All Nippon Airways, the largest airline in Japan. They're creating a metaverse travel experience that will integrate your flight history into your digital avatar. All Nippon Airways has launched an NFT marketplace featuring aviation photography, digital collectibles and more on the Ethereum blockchain. The Marketplace supports the MetaMask wallet as well as payment via credit card. The first NFT collection that they're using is going to feature the work of aviation photographer Luke Ozawa. He's been taking photographs of airplanes for 50 years. He's a pretty big deal in that field. Other NFT collections are going to include 3D airplanes and a generative art collection called Air Bits, which are going to feature pixelated airline pilots. Go figure.

And they're not alone. Argentinian Air is now selling their tickets via NFTs. Spanish Airline Air Europa has also launched a series of NFT tickets that are linked to special benefits and events.

And it's not just airlines. Credit Suisse and Deutsche Bank. They've launched Taurus on the Polygon blockchain. Financial institutions and corporations are going to be able to use Taurus to issue tokenized assets. What's a tokenized asset? It's a digital file that represents a physical asset. Think of oh, think of your chair. Now take a photograph of your chair. Your photo is a digital file. It's a digital representation of your real chair. Now you can send that photo to somebody a whole lot easier than you can send them the actual chair. And if that photo was a one of a kind, it's called an NFT, a non-fungible token, and you can assign ownership rights and other benefits to that photo that gives the photo a value. So this is why tokenized assets are a really big deal and why these two huge banks, Credit Suisse and Deutsche Bank, are getting in on this with the Polygon blockchain crypto. 

JP Morgan is doing this too. They've got a digital assets platform called Onyx. They call it the killer app for traditional finance. JP Morgan uses Onyx to execute trades of tokenized versions of the Japanese yen, the Singapore dollar, all again on the polygon blockchain. They're using it to settle trades with six other banks. Mastercard is doing this too. They're setting up the multi token network. They're going to tokenize bank deposits and they've got a test going on in the United Kingdom right now. They're going to make it easier, faster, cheaper, safer to move money from one institution to another, even across international borders. Bank of America says the tokenized gold market is already $1 billion a month.

Standard Chartered, Nomura, BNY, Mellon, Fidelity, Charles Schwab; they are all creating or backing new crypto companies. Schwab has joined with Citadel, Fidelity and Virtu Financial to create EDX Markets. Now, this is really interesting because two years ago, the CEO of Citadel, Ken Griffin, he called crypto a jihadist call against the dollar. He hated crypto and BlackRock's Larry Fink. Five years ago, he called bitcoin an index of money laundering. But now, just last week on Fox News, Larry Fink said bitcoin could revolutionize finance. He said bitcoin could be an alternative to gold as a hedge against inflation or the devaluation of a currency. And now BlackRock and Citadel are both investors in this huge clearinghouse that's going to process crypto trades. And they've joined forces with Fidelity and Schwab.

Now, it isn't going to directly serve individual investors like you and me. Instead, it's going to serve the brokerage firms that we work with. It's kind of like the stock market. You don't work directly with the New York Stock Exchange. You open a brokerage account where you place your order and your brokerage firm goes to the New York Stock Exchange on your behalf to fill your order. Same thing with ADX. You're not going to work with them directly, but Schwab and Fidelity will on your behalf. BNY Mellon and Fidelity, they already do custody for crypto and Nasdaq is asking for approval from regulators to launch its own custody services. And Fidelity also says they're soon going to integrate crypto into the platform it provides to financial advisors.

So when you are trying to figure out how do you help your clients who want to own crypto? This is how advisors are going to be able to do it, thanks to Fidelity. That will make Fidelity the first of the big custodians that serve advisors to allow them to serve their customers with crypto. The services that Fidelity is going to provide will include cold wallet storage, smart order routing for best execution, real time trade settlements. They're going to operate not 24/7, but 20/7, in other words, 20 hours a day. They're going to be open for business seven days a week. No account minimum. Actually, it's a $1. And they're going to integrate with Orion and Envestnet and all the other reporting systems that financial advisors use and love.

And what have governments have to say about all this? Well, governments are all over crypto. Liechtenstein is planning to let their citizens pay for government services with Bitcoin. Hong Kong's largest bank, HSBC, is already letting its customers trade bitcoin and Ethereum ETFs. The Mercado Bitcoin is Brazil's largest crypto exchange. They've now been licensed by Brazil's central bank to serve as a payment institution. The exchange already has 4 million users. The Himalayan Kingdom of Bhutan, they're raising $500 million to build a crypto mining business. They're partnering with the company called Bitdeer, a company out of Singapore, one of the world's largest bitcoin miners. Bhutan has a big mountainous country smack in the Himalayas. They have a lot of water resources, hydropower, cheap, renewable electricity to allow for bitcoin mining that is totally green.

China is getting in on this as well. Beijing has released a Web three white paper to promote crypto development. The document says that blockchain technology is, quote, “An inevitable trend for future Internet industry development”. The Beijing Municipal Science and Technology Commission says the goal is to establish Beijing as a global innovation hub for the digital economy. Remember, this is in a country that banned bitcoin two years ago. Now they're saying they want to be the global innovation hub for this Hong Kong, which is controlled by China. 

Our Securities and Futures Commission (SEC) is now allowing retail investors to buy crypto. And then there's new research from the Atlantic Council. They say that 130 countries, we're talking about 98% of the global economy, they are now exploring digital versions of their currencies. Half of these are already in development. You know, the notion of a digital dollar, 11 countries have already launched a CBDC, a central bank, digital currency, and the Bank for International Settlements. That's the organization that consists of all the world's central banks. They say 15 countries will have digital currency by the end of the decade. Switzerland, Australia, Thailand, South Korea, Russia; they're all testing this year. India and Brazil, they're going to launch their test next year. The European Central Bank is on track to launch in 2028.

Even the German intelligence agency, their version of the FBI, is engaging in crypto. They've just released a collection of NFTs. They're using them to recruit talent through a gamified blockchain treasure hunt. They created a collection of 999 dog-themed pictures. All of these dogs wearing cyber security clothing. You can only get one of these NFTs if you locate hidden characters on the internet. The goal of the German intelligence agency is to create this treasure hunt to seek out young talent who are fluent in blockchain technology. So the intelligence agency can hire them to help them fight cybercrime. Pretty cool, huh? What a case of ‘if you can't beat them, join them’. 

What about the US, though? What's going on here? Well, the Federal Reserve Bank of New York has what it calls the New York Innovation Center. This innovation center is working with Mastercard, PNC Bank, TD Bank, Truist, US Bank, Wells Fargo, Citigroup, HSBC and BNY Mellon to create a network for payments on a blockchain ledger. The New York Fed's conclusion: This idea has potential benefits. The New York Fed says the network has the potential to deliver improvements in the processing of wholesale payments and to facilitate settlement in nearly real time 24 hours a day, seven days a week.

Have you ever gone to the bank to make a deposit, only to have them say that this check will be on hold for three days? Not with this new tech being created by the New York Fed. Settlement will be in near real time. You deposit the money. The money is immediately available to you in Wyoming, of all places. One of our 50 states, they are now the first state to issue a stablecoin fully backed by the reserves of US dollars.

Several months ago, the IMF, the International Monetary Fund, said Bitcoin should be banned. Now, the IMF has just issued a new report saying banning crypto after all is not a good idea because that would prevent countries from enjoying the benefits that Bitcoin provides. They said, “While a few countries have completely banned crypto assets, given their risks, this approach may not be effective in the long run.” 

And the European Commissioner for Financial Services just wrote an Op-Ed in the Financial Times calling for the case for crypto. He said, “We need to be prepared to act to keep access to public money in a digital world. Acting now can help to modernize payments while protecting consumers privacy and allowing those who wish to continue using cash to do so. If other parts of the world introduce their own digital currencies, as many seem likely to do, we must maintain the euro's importance at the international level, and in doing so, we can help to safeguard the stability of the monetary and financial system for future generations.”

That was the European Commissioner for Financial Services. And that's not the Op-Ed in the Financial Times recently. Bob Wigley, who's the chair of UK Finance and a former member of the Bank of England, that's their version of the Fed - he wrote an Op-Ed in the Financial Times, too, and he said that tokenization could bring securities markets lower costs, lower risks, wider access. And he said the United Kingdom financial industry cannot be left behind. And then there's how Scott. He is Emeritus Professor at Harvard Law School and a director of the Committee on Capital Markets Regulation. He also wrote an Op-Ed in the Financial Times recently. I mean, these guys are all over it. And he said that investors are at risk because of the absence of crypto regulation in the United States. 

He said, “The reality is that SEC Chair Gary Gensler had the opportunity to establish regulation, but he failed to act.” Hal Scott wrote in his Op-Ed that the SEC's own regulations have made it impossible for crypto exchanges to register, and that if a crypto exchange did register as a securities exchange, it would have nothing to trade because registered securities exchanges can only trade assets that they have themselves been registered with the SEC as securities. And since bitcoin and Ethereum are not registered securities and they constitute 70% of the entire crypto market, that kills the idea of a crypto exchange registering with the SEC.

Even if the SEC would let them register, it's a Catch-22, and this is why Hal Scott wrote in his Op-Ed,  “It is possible that the SEC's strategy is to ban crypto entirely by forcing exchanges to do the impossible and then sue them for not doing so. But it is not the SEC's role to determine whether crypto or any other financial asset for that matter, is a worthwhile investment. Instead, it is the SEC's responsibility to establish investor protections that allow investors to safely make that determination for themselves, as regulators and all other major jurisdictions have done for crypto. And at that core mission, the SEC and Gensler have clearly failed, with the result very likely being mounting investor losses in the future.” That's Hal Scott, Emeritus Professor of Harvard Law School. 

Why is he saying that the SEC's failure to allow crypto to operate in the US is going to be responsible for mounting investor losses? The reason is that because without anybody in crypto registering, everybody who has registered, and I'm talking now about brokerage firms and financial advisors, all are registered. They're not allowed to touch crypto.

In other words, if you're a registered representative, if you are a registered investment advisor, you can only deal with registered securities. If bitcoin and Ethereum are not registered securities, you can't help your clients with it. This is why financial advisors don't help you buy baseball cards or comic books or gold coins. They're not registered. Securities advisors only help you with ETFs and stocks and bonds. That means if you're a client and you want help in buying crypto, your advisor can't help you. That means clients have to go on their own to find out how to invest, and that leaves them open to scams and frauds, which you as an advisor could have protected them against.

Gary Gensler, the head of the SEC, claims that he wants to protect consumers, but his refusal to allow crypto to be involved in the registration environment, he's actually harming consumers instead. You want proof of this? Consider: Even though Bitcoin fell 77% last year, more people own bitcoin today than they did two years ago. Studies from the University of Chicago, the Pew Research Center and others all show the same thing. The number of people who own bitcoin is rising. 

And it's not just here in the US, it's also in the United Kingdom. In Great Britain, the number of people who own crypto has doubled in the past year. It's now 10% of the adult population. That's because in the United Kingdom they've now adopted new rules that govern the crypto industry, making them pretty much the same as the rest of the financial services industry.

Consider the Avalanche blockchain. They've now got a million monthly active users. They only launched three years ago. They're already the seventh largest blockchain network. But here in the US, the SEC has dug in its heels. It won't let crypto companies register and crypto banks are being shut down by the government - Silvergate, Silicon Valley Bank, First Republic. If you're a crypto company and you can't open a bank account, you can't do business. And so crypto companies are thinking about leaving the US, which is  apparently what Gary Gensler wants. But guess what, Gary? Other countries are opening their arms, welcoming them in.

France has made a big push to welcome crypto companies because they recognize this is great for the economy. It's great for jobs. The French ministry said, “In France, we are proud to be pioneers with crypto. If American players want to benefit in the very short term from the French regime, clearly they are welcome.” And so already 100 crypto companies have registered in France. So everybody in the crypto community is wondering if the SEC will ever change its tune. Will it become more open to crypto?

And that is where all the focus is right now on a Bitcoin ETF. 

You know, there isn't one at the moment, but let me give you the backstory on this because it's the biggest topic in crypto and one of two things at the end of this story, only one of two things is going to happen. Either bitcoin is going to double in price very fast or it's going to crash; one or the other. Let me explain why.

A bitcoin ETF is the holy grail of crypto. There's a very simple reason for this. Two-thirds of all investors in the country hire a financial advisor. Yeah. Financial advisors manage two-thirds of the nation's wealth. But financial advisors, as I mentioned a moment ago, are limited to providing securities to their clients. Financial advisors can't recommend baseball cards or comic books, and they can't recommend bitcoin because baseball cards and comic books and bitcoin are not securities. This means that financial advisors are not actively engaging in crypto on behalf of their clients.

Financial advisors are personally owning crypto. Half of the nation's advisors personally own crypto and their own personal portfolios, but they aren't recommending it to clients because the regulations don't let them do it and their firms won't allow them to do it either. The result of all this: 77% of advisors say that they will recommend bitcoin to their client as soon as there's a Bitcoin ETF. 

Think about this for a minute. Why are advisers saying this? It's real simple. Most advisors favor ETFs, exchange traded funds. Exchange traded funds now have trillions of dollars in assets. Why? They're the most popular investment vehicle in America. They are extraordinarily inexpensive. They're the cheapest form of investment you can find. They are highly liquid. You can trade them every day, all day. They are fully transparent; you know at all times exactly what the ETF owns. This is why ETFs are so popular not just among advisors, but among their clients as well, and why they are the most popular investment vehicle in the country.

So advisors are saying we're simply waiting for a bitcoin ETF. We already have stock ETFs and bond ETFs and real estate ETFs and gold ETFs and oil ETFs and commodity ETFs. Now we're just waiting for a bitcoin ETF because although bitcoin is not a security, hey, neither is gold, neither is oil. But when you put gold inside an ETF that makes it a security, when you put bitcoin inside of an ETF, that makes it a security, meaning it's now available for use by financial advisors. So advisors love Bitcoin. Half of them already own it personally. They're just waiting for the industry to create a bitcoin ETF as soon as that's available. Three out of four financial advisors are going to start recommending them to their clients, according to all the surveys that have been done. 

But that Bitcoin ETF doesn't yet exist. Why not? Why haven't the ETF companies and the mutual fund companies who create these funds, why haven't they filed an application to the SEC for permission to launch a Bitcoin ETF? Well, guess what? They have. They have been filing those applications for more than seven years. At last count, I think it's like 45 times companies have been filing applications with the SEC asking for permission to create a bitcoin ETF in the marketplace. And 45 times the SEC has said no. They have rejected every single application that has ever been filed.

Well, this has been frustrating for the crypto community because, as I said, this is the Holy Grail. Imagine this if the SEC did say yes to a bitcoin ETF. That would mean the financial advisors would have a security available to them that invests in bitcoin that they could recommend to their clients. And since most people in the crypto world say that you should allocate low single digits of your portfolio to crypto 1 to 3% of your portfolio.

Think about this. Financial advisors in this country manage collectively about $8 trillion of investor assets. If we're going to invest 1 or 2% of the client's portfolio and 77% of advisors say they're going to do it. The existence of a bitcoin ETF in the marketplace means you would suddenly see virtually overnight a flood of $100 billion, maybe $200 billion into bitcoin. This would cause a massive, huge price increase because the supply of bitcoin is fixed. 

If you suddenly have a massive increase in demand with the existing supply, you will see a massive price increase, potentially doubling the price of bitcoin in a matter of days or weeks. Wow. Pretty exciting if the SEC would say yes to any of these bitcoin ETF applications.

But so far the SEC has said no. It's been saying no for seven years. And Gary Gensler, the current chair of the SEC, has signaled very clearly he has no intention of saying yes in the foreseeable future. And so most companies that have in the past filed those applications often repeatedly. Only to be rejected repeatedly, have largely given up. They've all basically told me we're not going to file any more applications under the current regime. What's the point? You know, why ask the girl to dance if she's going to continually tell you, no, she doesn't want to dance with you. I'll just wait until someone else shows up at the dance. Meaning, we got to wait for Gary Gensler to leave office in 2026; get a new SEC chair who might have a new opinion and go from there. So the notion of a bitcoin ETF has been dormant for the past 6 or 7 months.

However, a few weeks ago, something astonishing happened. Blackrock, the world's largest money manager with $9 trillion in assets. For the first time ever, filed a bitcoin ETF application. Blackrock is the world's largest producer of ETFs. It owns the company iShares and iShares are one of the largest ETF producers in the world. And now BlackRock has filed an application with the SEC for permission to create a Bitcoin ETF.

Everybody in the crypto community and frankly, all over Wall Street took big notice of this. Why would the world's largest money manager do this in the face of severe opposition from Gary Gensler and the SEC? Lots of rumors, lots of speculations about BlackRock's motivation. The prevailing rumor. Blackrock knows something. And here is what everybody thinks BlackRock knows. You see, Gary Gensler has been getting an awful lot of heat from Congress in recent months over his opposition to crypto, his refusal to accept any of the Bitcoin applications.

In fact, Gensler the SEC are being sued by Grayscale, one of the companies that has repeatedly filed for bitcoin ETF applications. Grayscale is accusing the SEC of acting capriciously, arbitrarily and in violation of its own administrative procedures in its denial of bitcoin ETF applications. I mean, think about this. The SEC has already said yes to a bitcoin futures ETF. A bitcoin Futures ETF doesn't buy bitcoin. It buys futures contracts, which are derivatives. How can you be allowed to buy a derivative of something if you're not allowed to buy the something itself? It makes no sense. In fact, just last week the SEC approved a 2x bitcoin futures ETF. This is not only buying futures, it's leveraging for every dollar bitcoin goes up or down, this ETF goes up $2 because it's borrowing money to buy the futures contracts. 

Talk about risky. The SEC says yes to futures contracts, but it won't say yes to bitcoin itself. This doesn't make any sense. And apparently this rumor goes, this theory suggests Gary Gensler is beginning to realize he's boxed himself into a corner. He's going to lose the Grayscale lawsuit and that is going to force him to say yes to the bitcoin application us. But he doesn't like crypto and he doesn't like crypto companies, so he doesn't want to approve their applications.

So the SEC has quietly sent a signal to BlackRock, the world's largest asset manager, the mainstream of the financial services industry, the pillar of Wall Street, with a wink and a nod saying, hey, nudge, nudge, wink, wink. If you submit a bitcoin ETF application, we'll say yes to you. Why else would BlackRock put themselves in the unenviable, embarrassing position of filing for an application only to have it rejected like everybody else? That's the theory anyway. Blackrock, of course, isn't confirming this. The SEC isn't saying a word. This is sheer conjecture. But I'll tell you this: the day after BlackRock filed its bitcoin ETF application. Bitwise filed one as well. Ark Invest, run by Cathie Wood, has filed a bitcoin ETF application. So did WisdomTree, Valkyrie and Invesco. They have all run on the coattails of BlackRock to quickly file on the attitude. 

If the SEC is going to say yes to BlackRock, they're going to have to say yes to everybody else as well. So everybody is really hopeful that the SEC will soon say yes to a bitcoin ETF. Opening the doors for the first time in bitcoin's history, allowing financial advisors across the country to recommend bitcoin to their clients. 77% of advisors in the starting gates waiting for that permission. $8 trillion of assets under management being unleashed on this asset class.

How exciting is this? The SEC has 240 days to say yes or no. So this could be half a year before we know what happens. The SEC may say yes tomorrow. They may not say yes for several months. They may say no. If they say yes, the assumption is bitcoin's price will skyrocket it. You could double your money in a matter of weeks or months If the SEC says no. Bitcoin's price will probably crash. Think about it. Within two weeks of BlackRock's filing, its application, Bitcoin's price rose 20%. It went from 25,000 to 30,000. On the speculation that the SEC will say yes. So if the SEC says no. Bitcoin's price could very easily fall from 30,000 right back to 25,000. It might even go all the way down to 20,000. Which side of the coin do you want to bet will land up? Will the SEC say yes or will the SEC say no to a bitcoin ETF?

I'll tell you this. Jay Clayton, who is Gary Gensler's predecessor, he's the former chair of the SEC. 

He was on CNBC this week and he said it's going to be hard for the SEC not to approve these applications. We'll have to wait and see what happens next. But I'll tell you this, it's becoming increasingly difficult to continue sitting on the sidelines and not investing in crypto. The SEC's bitcoin ETF has been an ongoing saga for seven years and look at the price growth of bitcoin during that period. We don't need a bitcoin ETF to see bitcoin double, triple, quadruple in value over the next five years, which many believe is going to happen.

So you just need to ask yourself, why are you waiting for the bitcoin ETF? You don't want to invest after that news. The price will jump. You want to invest in bitcoin now before that announcement from the SEC. And that means turning to investment opportunities that already exist readily available, including a wide variety of investment opportunities for financial advisors. There are already crypto ETFs that invest in the stocks of companies engaged in the asset class. There are SMAs and other securities readily available to financial advisors that allow you to work with your clients. There are qualified IRA custodians that allow you to open IRA accounts and invest in crypto and digital assets for your clients. There is no reason to wait for the bitcoin ETF. You can engage now.

You simply need to learn how to do that. That's the work I provide with my colleagues at the Digital Assets Council of Financial Professionals. DACFP is the crypto education company I built to teach financial advisors how to serve their clients. When it comes to crypto, I invite you to go to DACFP.com and learn about our certificate program, the Certificate in Blockchain and Digital Assets. We have a track specifically for financial advisors, a track specifically for Home Office executives and a track specifically for investors and consumers and students. Go to DACFP.com.  The links are in the show notes. Crypto is the hot topic today. It's not just ChatGPT.

Today, 2 p.m. Eastern. What are you doing? Joining me on my webinar, right? That's right. 2 p.m. Eastern, I'm hosting the webinar on Crypto SMAs, separately managed accounts. These are increasingly popular with financial advisors. They offer substantial benefits and advantages you don't get from ETFs, and you'll discover why a lot of financial advisors really like them. And now if you are a financial advisor, you'll discover that there's now a crypto SMA. So come to this webinar, you'll discover how crypto SMAs work, how to gain access to them, and how you, as a financial advisor, can use them to serve your clients better. I'll be interviewing Matt Hogan, the Chief Investment Officer at Bitwise Asset Management and Chris King, the CEO of Eaglebrook Advisors. This webinar is designed for financial advisors, but everyone is allowed to attend you too. You can register for the webinar at DACFP.com.

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