Financial expert Ric Edelman warns dogecoin is a ‘clear scam’

World-renowned author and financial advisor Ric Edelman has boldly warned everyone that dogecoin is a clear scam and the meme-inspired crypto would have a disastrous ending. 

In his interview with Yahoo Finance, Edelman recognized the fast-phased progress of cryptocurrencies. 

But he admitted that cryptocurrencies haven’t yet reached their full potentials, but the fact that institutional investors are getting involved is certainly good news. 

He also added that the implementation of regulations and legislation about cryptocurrency means that cryptocurrencies would soon be a permanent part of everyone’s lives. 

Dogecoin is a literal joke

Edelman said that since cryptocurrencies are still considered a speculative asset, he advised investors to only allocate 1% of their portfolios into cryptocurrencies. 

According to him, there’s still so much to learn about cryptocurrencies and investors should avoid get-rich-quick schemes at all cost. 

But one of the boldest things he said in the interview was that he would completely ignore dogecoin because it’s a clear scam. He then warned everybody that the meme-inspired crypto would end in disaster. 

A veteran in the financial field

Edelman and his wife, Jean, have established Edel Financial Services, a financial planning and investment management firm. It then merged into a financial advisory company Financial Engines and formed Edelman Financial Engines. 

Since then, from 2018 to 2020, Barron’s, an American financial news publication, has recognized the company as the best independent advisory company in the U.S. 

Edelman has also established the RIA Digital Assets Council which aims to equip financial advisors with the most relevant knowledge about digital assets, which is rapidly growing today. 

 

Image courtesy of Cointelegraph News/YouTube

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