While cryptocurrencies are now much more popular than before, people still lack an understanding of them. In the average population of the United States, almost 95% of people cannot pass a basic crypto test. However, the scenario is not very different with financial experts. Being experts in their field, they naturally have a better understanding of how money and assets work. In spite of that, meant top financial managers do not know enough about crypto to give sound investment advice or formulate plans about it. Mike McGlone, a senior strategist at Bloomberg, recently pointed this out in Bloomberg’s Crypto Outlook. In the November edition of the Crypto Outlook, McGlone made his opinions public and added that such a lack of operational knowledge will lead to these financial managers’ slow career growth.
Apart from a slump in career trajectory, it will have a huge effect on the overall performance of firms they work for. More and more retail investors now want to invest in crypto, but many do not feel confident enough to enter the market directly. They prefer going through a financial manager or through institutional investment instruments like bitcoin-backed ETFs. If these managers do not have any competency in cryptocurrency, they will fall behind and fail to meet customers’ demands. That will lead to a huge downfall for the company in the long run. McGlone urges more managers to get actively interested in cryptocurrency and learn how it can bring about a change at both personal and organizational levels.