If you google ‘Crypto’, top of the list are ‘Top Crypto Gambling Sites’, a recognition that it is more than a tad dodgier than your standard investment. The move to treat it as a gamble rather than a financial product is more, however, a recognition of the impossibility of actually regulating it or them. If your crypto punt goes belly-up, who’s going to pay you compensation? Some untraceable bloke on a computer in the Middle or Far East? I don’t think so. And unless the fees we pay to the FCA increase substantially (and they’re already pretty substantial), they’ll never afford the IT talent needed to understand and unravel crypto currencies’ impossible algorithms (me, neither). If you’re mad enough to dream the impossible dream or have plenty you can afford to lose, fine. Otherwise, our advice remains, as it always has, to avoid like the proverbial.
“Majority of IFAs have no plans to use AI in their practices”
I remember sometime in the 90’s, attending a presentation by a successful adviser providing helpful hints to an audience of wannabes, young and old.
