I work with extremely excessive internet price households, and I have been speaking to lots of people within the wealth planning area about crypto, so that is in all probability going to be the one actual reply right here with out the everyday Reddit wankery. That is the precise messaging that is on the market, prefer it or not.
If you’re coping with that a lot cash, you might be solely going to take care of monetary establishments which have tight anti-money laundering and KYC insurance policies in place. You wouldn’t wish to purchase any crypto if it may be confirmed down the road that it was owned by somebody concerned in a felony or terrorist enterprise. With these ranges of wealth, the slightest stink of wrongdoing may endanger your holdings if there are felony proceedings in some unspecified time in the future. You’ll be able to guess you ass that Morgan Stanley is utilizing an organization like Chain Evaluation to look at holdings as far down the trail as possible.
Simply have a look at the Bernie Madoff debacle. There are individuals and firms on the market who’re getting their funds clawed again by the attorneys on the Madoff Restoration Initiative as a result of that they had (unknowingly, however regardless) obtained funds that have been acquired by fraud. That effort required loads of elbow grease and forensic accounting. Now transfer that effort to the blockchain and that restoration course of has develop into virtually automated.
So sure, you may go forward and open a Coinbase account and you will be advantageous. However, once you’re coping with 10s of tens of millions of {dollars} plus, the extent of due diligence that goes into your buy ramps up significantly.
