A traditional asset manager has said it is “delusional” to think Bitcoin is a “fad”, as interest from investors snowballs.

Speaking to the Financial Advisor, Neil Waxman, managing director of Capital Advisors, said that the investment community requires “education” on virtual currencies as a financial opportunity.

“Anyone who thinks this is a fad is deluding themselves – clients really need to be educated on this topic,” he told the publication.

Virtual assets are still in the midst of multiple metamorphoses, with US regulators ironing out the legislative landscape for coins and tokens while Bitcoin faces challenges of its own.

Monday saw new warnings from the Securities and Exchange Commission on ICO investments after several offers were forcefully suspended due to insufficient legal adherence procedures.


As such, fellow adviser George Gagliardi continued, hedging on Bitcoin is similar to trying to ascertain a reliable Internet investment in the mid-1990s.

“I tell my clients that although the potential is great, Bitcoin is like trying to pick an Internet winner in 1996 – this market is purely speculative at this point,” he told the FA.

“At this stage, it’s hard to tell if you’re investing in the next Microsoft or the next Napster.”

Nonetheless, more and more prominent sources from the fiat world have recommended Bitcoin, especially as an investment opportunity, with CNBC recently telling viewers the ideal price at which they should buy Bitcoin.

Continuing the bullish prognosis, Gagliardi added he could see a mainstream home for the virtual currency in future.

“I truly believe that someday virtual currencies like Bitcoin will become an important form of payment and a highly liquid currency,” he added.

Nonetheless, FA describes the mood as against Bitcoin investments being ready for “prime time,”, in contrast to appraisals of the SEC from analysts last week.