Why you need to take Bitcoin seriously - part 1 {PFP Section}

David Oransky, CPA/PFS, believes that if you don't allocate a small allocation of your assets to Bitcoin as a hedge, you may be exposing yourself and your clients to a significant risk. In this episode of the PFP Section podcast, Mark Astrinos, CPA/PFS, interviews David Oransky, CPA/PFS, to get his wisdom on what we should know about Bitcoin. David takes a conservative approach to planning, so he was skeptical at first and was not an early adopter. However, after a deep dive to learn more, he discovered that his preconceived notions didn't pan out. David answers the following questions: How do you explain what Bitcoin is to CPAs and other advisors? How do you talk to your clients in a way that they understand and what is their response? Tell us your journey that got you to the point of trusting Bitcoin. Why do CPA financial planners and other advisors need to care about this and pay attention now? What is the risk to waiting? Why do you think it's important that your retiree clients have a small portion of their wealth allocated to Bitcoin? How does Bitcoin play into the larger issues we're facing now like US and global debt at an all-time high, the banking crisis, inflation, and geopolitical concerns? How is Bitcoin different than other cryptocurrencies?  What is your prediction for the future of Bitcoin? For more resources related to this episode, listen to David's in-depth webcast on Bitcoin and access the related slides. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.