Happy Labor Day weekend! While the cryptocurrency market never sleeps, we hope that you get to enjoy the long weekend and take a break. Let’s dive into what has been happening in the digital assets ecosystem.
Ongoing debates on whether to hold cryptocurrencies in IRAs or 401(k)s continue. Regulations remain in the air, but some familiar digital assets are ready to incorporate them into their larger portfolio. Gerber Kawasaki was one of the leading wealth management firms to offer direct exposure to clients, but we are not adding crypto to our clients’ retirement accounts.
Managing Partner and Director of Gerber Kawasaki’s Digital Assets Program Zach Bainter shares why in an article by Investment News.
Despite the difficult year that cryptocurrencies have had, data from TipRanks reveals that 62% of wallets did not sell Bitcoin amid the bear market. Although the downturns have concerned some investors, most have taken the time to educate themselves further on the digital asset they hold.
We have been taught some tough lessons throughout the year from platforms and exchanges such as Celsius. This is why we stress the importance of knowing your risks and storing your assets securely. Gerber Kawasaki is dedicated to implementing the safest opportunities that we can when investing in cryptocurrencies.
The Ethereum merge is expected to happen within the month and possibly within the next two weeks. One of the main critiques of digital assets has been how energy intensive running the networks requires.
Crypto ATMs have been around for a while in unexpected locations. You won’t find them in banks or other established financial institutions, but you may see them in gas stations, liquor stores, and other seemingly random locations. In Los Angeles, there has been a rise in these crypto ATMs.
What are they used for?
They can be used to transfer, buy, and sell assets. Some are concerned that this is aiding fraudsters, but it is a familiar way for those new to digital assets to use their holdings.