Treat me like an idiot: A financial advisor's surprisingly simple approach to Bitcoin

As the crypto industry continues to evolve, many investors and financial advisors are grappling with how to approach this new asset class. Some advisors are simply ignoring cryptocurrencies when advising clients. Not so Jim Crider, a US-based financial planner from Intentional Living FP. A true Bitcoin maximalist, he is on a mission to help educate clients, friends and family.

When it comes to financial advisors and their approach to Bitcoin, Crider notes that some avoid Bitcoin due to a lack of understanding “They just don't understand it, and they think it's best to not talk about it. And we're getting to a point where ignorance is no longer a valid excuse."

This is where Crider's approach shines through. He acknowledges that he needs to explain things in simple terms, just like an "idiot." As he puts it, "I explain things in ways that I can understand. And if you keep it there, I don't do it to insult people, but because I need to be explained things in a simple way, you know?"

While Bitcoin is the oldest and most popular cryptocurrency, there are many other coins with certain features that are superior in terms of speed and cost of transactions. But Crider is what is called a “Bitcoin maxi”.

"The reason I stick with Bitcoin only is that I personally have to consider what is the foundational issue that was being set out to solve with all of the crypto world. And obviously I believe that Satoshi (the founder of Bitcoin) properly identified the problem, and that was we need a money that can be traded peer to peer over the internet, that's decentralized and has a fixed number of units, and Bitcoin does that."

This emphasis on simplicity and building trust with clients is key to Crider's strategy for introducing Bitcoin. He first allows clients to share what they know about the asset, which helps him gauge their level of understanding. Then, he focuses on the historical context and the fundamental problems that Bitcoin was designed to solve, rather than diving into technical jargon.

"If you can help them understand what is money from a historical point of view, and that Bitcoin is better money, then things start falling into place. Then you can start addressing why the energy usage is actually super important. It is there to secure our money problems, and having sound money is outrageously important."

Looking to the future, Crider believes that Bitcoin will eventually become the dominant form of money, potentially even replacing the US dollar as the global reserve currency. "I don't know if this will be in in 10 years or in 100 years."

Whether it's through a Bitcoin standard or the direct use of Bitcoin for transactions, Crider is optimistic about the asset's potential to transform the financial landscape. "Maybe the dollar goes away and we literally go to the store and you're paying for something in Satoshis, in Bitcoin".

Financial advisors like Crider will play a crucial role in growing the crypto industry, by educating and guiding investors. And his strategy for keeping things simple is one we fully subscribe to at The Crypto Radio.

 

Listen to the whole interview on The Crypto Radio's live player or in the Thought Leaders podcast.