Bitcoin Conversations

By Kenneth Klabunde on September 11, 2020

This week, one of my long-time clients called me to talk about how Bitcoin might fit into their wealth preservation strategy. I also had a conversation this week with a new incoming client that already has Bitcoin on their balance sheet as part of their wealth accumulation strategy.

Since this topic came up with a retired client and, separately, a young physician in the same week, there’s a good chance others are at least intrigued. 

Bitcoin is admittedly a fringe part of personal finance, and not of interest to many, so I’ll keep this brief. But I also want you to know that we have a thorough understanding of this alternative asset, the nuances of buying and holding it, and the taxation issues surrounding it. 

I bought my first Bitcoin in 2015 — back when no one had heard of it. In the past 5 years, I’ve watched the price as it ranged between $300 and $20,000 per coin (which is actually just a string of encryption characters on a computer), I’ve bought it, sold it, transferred it, reported it on tax forms, and generally explored what this monetary technology is and how it works.

Keep in mind, this is what I do — I research and understand tools that may (or may not) have an impact on my clients’ ability to build and preserve wealth, and Bitcoin falls into the “of interest” category. There’s no public market for this asset class, so we can’t and don’t own it in the discretionary portfolios I manage for you. But I suspect that possibility will be here in the coming years. We’ll see.

For now, if this is something you’d like to talk about in the context of your personal financial planning, simply know that we can have that conversation.

By Kenneth Klabunde on August 27, 2021

Precedent Financial Strategies is proud to announce its continued compliance with the CFA Institute Asset Manager Code. Aligned with Precedent’s values, the Asset Manager Code clearly outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients.

By Kenneth Klabunde on March 27, 2020

I typically walk away from these exercises with A) a plan, and B) a general sense of “you know, life would still be okay.”

By Kenneth Klabunde on April 3, 2020

The succinct summary of our planning conversations, covering your current situation, the next actions to take, and the things that will lead us to reassess — giving you a custom roadmap to the things you can be doing right now to respond to the changes happening around us, and in your life directly.

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