In early 2014, a client came into our offices to talk about bitcoin. Let’s call him Ed. Because of his background, we were always going to listen. Ed was a smart guy and a successful entrepreneur who had made lots of money. He told us how he had converted a material portion of his personal balance sheet into bitcoin. He explained his reasoning and shared optimistic thoughts about the longer-term prospects for this investment. He was a man ahead of his time.

Ultimately, Ed was hoping that he might be able to partner with us, as a wealth management firm, in making cryptocurrency available to the rest of our client base. Whether or not we were interested in the idea is irrelevant: it simply was not possible at that stage...

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