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Episode 27 of Season 3 of The Scoop was recorded remotely with The Blocks Frank Chaparro and Ritholtz Wealth Management CEO Josh Brown.

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Wall Street is embracing crypto one headline-driving development at a time.

From Goldman Sachs to Morgan Stanley, major banks are moving from exploring the digital asset world to fully operating in it.

Goldman, for instance, announced Friday it would restart its market for non-deliverable forwards tied to bitcoin. Both Morgan Stanley and Goldman have said they will offer their wealthiest clients exposure to bitcoin. But one channel that has yet to fully embrace crypto is the independent wealth management market.

Josh Brown the brains behind the well-followed Reformed Broker blog is among the legion of wealth managers who have yet to start advising their clients to buy crypto.

The CEO of Ritholtz Wealth Management joined The Scoop to talk about how financial advisors are examining the fast-growing $2 trillion market, why he is skeptical of non-fungible tokens and decentralized finance, and how Covid-19 turned the idea of risk on its head.

Here's a blurb from the show:

"The most concerning is that what weve just witnessed completely flipped the entire concept of risk on its head because weve just had the biggest risk in 100 years. We had Spanish Flu 2.0 in the modern era, like traveling three times faster than the 1918 version, right? Like the biggest risk you could think of, millions of people suddenly dropping dead from a global pandemic. It turned out to be one of the biggest opportunities. And you didnt have to wait three years or eight years like the Great Depression to figure that out. Literally. The stock market fell for 16 days and stopped. Think about that. So what even is risk anymore? What if I tell you the next thing is a nuclear bomb going off somewhere? Dow Jones might go up 50%."

2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Downtown Josh Brown on bitcoin and wealth management - The Block Crypto