Dogecoin is a “scam” that will end “very badly,” says financial expert Ric Edelman

Ric Edelman, a financial expert, believes the meme-inspired cryptocurrency is a “scam” that will end “very badly” despite being optimistic about the crypto space.

Ric Edelman – Executive Chairman of Edelman Financial Engine

in a meeting interview At Yahoo Finance, Executive Chairman Edelman Financial Engine argued that cryptocurrencies are “going mainstream very, very quickly” and that while they are “not quite there yet, they are ubiquitous.

Edelman added that we will “see more regulation and jurisdiction, all of which are very healthy,” as even mainstream Wall Street institutions are involved.

In his words, cryptocurrencies will be “part of most people’s portfolios” for the next few years, but for now they are “still very speculative”.

As a risky investment, Edelman advises investors to invest up to 1% of their portfolio in crypto at a good time and at the same time to take the time to find out about crypto currencies and forget the pointless job of getting rich quick.

When asked which cryptocurrency was chosen to advise investors since there is no ETF in the crypto basket, Edelman pointed to Bitcoin and Ether, adding:

“I would completely ignore Dogecoin. It was just a joke. It’s a scam and it’s going to be something that ends badly. “

Edelman added that while there are no ETFs, investors can invest in funds that allow them to delegate the work to a fund manager. These funds are offered by Bitwise, Grayscale and Osprey and trade OTC, he said, suggesting there is no need to wait for an ETF to be approved by the US Securities and Exchange Commission.

Edelman and his wife Jean Edelman founded the investment and financial planning company Edelman Financial Services. In 2018, Edelman Financial Service merged with another financial advisory firm, Financial Engines, to form Edelman Financial Engines. In 2018, 2019, and 2020, Edelman Financial Engines was named the Best Independent Advisory Firm in the United States by Barron.

Edelman is also the founder of the RIA Digital Assets Council (RIADAC), whose goal is to “provide financial advisors with the knowledge and skills they need to provide their clients with accurate, relevant, timely and valuable advice on blockchain and digital assets give”.

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According to Cryptoglobe

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