'My Financial Advisor Wants Me To Sell Bitcoin,' Says An Investor And Asks Others If He Should Trust Him

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A Reddit user kicked off a debate after posting, “My financial advisor wants me to sell bitcoin,” explaining that the advisor keeps suggesting he move the funds into more diversified assets.

The post, shared in the r/Bitcoin subreddit recently, quickly got hundreds of replies, many of them skeptical of the advisor’s motives.

Advisor Suggests Diversifying Bitcoin Holdings

“My buddy introduced me to a financial advisor and he keeps on telling me, ‘we can think about that bitcoin you have and putting it in something more diversified,'” the person wrote. “I’ve never used a FA before, but I can’t seem to trust him.”

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That hesitation resonated with many. One highly upvoted comment said, “A financial advisor is just a normal person with an investment opinion. Doesn’t mean he’s right.”

Another person put it more directly: “He's there to pitch you sh*t that either the masses are doing or that which makes him the most commission.”

Skepticism Toward Advisors

Commenters overwhelmingly expressed distrust toward financial advisors. Many said the advice to sell Bitcoin was likely tied to the fact that advisors can’t make money off assets they don’t manage.

“Bitcoin is probably in an account where FA can't make any money,” one commenter said. “Tell him not to worry about your bitcoin.”

Some even shared personal regrets. “The biggest financial mistake I’ve made in my life was listening to a financial advisor that advised me to diversify away from crypto in my 20s,” one person wrote. “This meant selling 50 BTC for index funds and mutual funds.”

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Not All Advice Is Bad

Not everyone thought the advisor was out of line. Some people said putting all your money into one thing, especially something as volatile as Bitcoin, can be a risky move.

“True financial advice is about protection as much as growth,” one person said. “Depending on OP’s age, income and other investments, it’s going to be specific to each individual.”

Others recommended finding a fiduciary—an advisor legally required to act in the client’s best interest—instead of one who works on commission.

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One commenter summed up the situation like this: “They are there to give you advice but you are still in control over the decisions with your money. You can tell them how much you want allocated toward Bitcoin and how much you give them discretion toward other things.”

While opinions varied on whether selling Bitcoin was smart, most commenters agreed that the original poster was right to question the advisor's motivations. As one person said, “You don’t need a financial advisor to tell you what to do with your BTC. The simple fact that you have BTC to hold shows more knowledge than a financial advisor.”

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This article 'My Financial Advisor Wants Me To Sell Bitcoin,' Says An Investor And Asks Others If He Should Trust Him originally appeared on Benzinga.com

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