I never thought I’d write this story, but why the hell not.
I own cryptocurrency.
Yes, that’s true — ha.
Back in late 2013, when I was working as a financial planner, a client mentioned this thing called “Bitcoin.” I’d never heard of it, so I did what most of us do — I Googled it.
“Blockchain” wasn’t really a buzzword then. It was just described as some kind of digital money.
At the time, I was pre-kids, curious, and honestly a bit bored at work. So I spent a few lunchtimes reading about it and watching the price swing around. Eventually, I thought:
I should probably buy one — if only so I understand it when clients ask.
So, naturally, I did what any well-informed financial planner would do…
I went on eBay and bought 1 Bitcoin for about $100.
Yes, from a random bloke on the internet.
Over the next year, I watched it rise and crash. One of the major exchanges disappeared (Silk Road, if you remember). I lost interest, got married, had kids, and moved on.
Then, years later, I saw it again.
$1,000.
$10,000.
$60,000.
Today, it sits around £50,000 a bitcoin — and somewhere in the digital void, I’ve still got mine (unless I have been hacked)
You’d think I’d be thrilled, but honestly, it gave me a headache.
When do you sell?
How do you sell?
What about tax?
What if you get scammed?
These are exactly the same questions clients are asking today — just on a bigger stage.
Because here’s the thing:
Bitcoin isn’t a fringe topic anymore.
Friends bring it up over dinner.
Clients ask about it in reviews.
And a growing number of people in the UK actually own it. 7 million at the last count!
Now, with the FCA about to lift its ban on retail access to cryptoasset-backed exchange traded notes (ETNs), it’s about to get very real for financial planners.
Love it or hate it, Bitcoin is no longer something we can dismiss.
And if clients are asking the questions, planners need the answers
Adam Carolan CEO
