Blockcast.cc: I am Jenny Zheng, co-founder of Blockcast.cc. Blockcast.cc is a broadcasting news source for the blockchain community. Founded in Singapore. We have a network of partners in China, Hong Kong, South Korea, Singapore and Malaysia.
This week, our guest is Andrew Deane. He is the co-founder of WealthBriefing.
Dear Andrew, nice meeting you on ZOOM. Tell us about yourself. We would like to know your past experience, career and education.
Andrew: After leaving school with no qualifications I started my career in 1984 in the back office of a UK Stockbroker and worked my way through back/middle and into front office dealing directly with private clients. I left mainstream finance in 1996 to work for a new startup focusing on providing software for banks and asset managers, a company which I eventually took over and sold. In 2004 I joined up with my current colleagues to launch WealthBriefing.
Blockcast.cc: What is your role with Wealth Briefing?
Andrew: I am head of business development for Asia, the Middle East and Switzerland covering our awards programs, research and key client management. My job pre-Covid was to travel extensively in these regions meeting clients and hosting our awards gala events.
Blockcast.cc: How did you first know about blockchain and cryptocurrency?
Andrew: I started taking an interest in this sector around 3/4 years ago when I met Anndy Lian in Singapore. Like many other people, I had read about crypto and blockchain but didn’t understand it.
Blockcast.cc: Do you think Bitcoin and all other cryptocurrencies will go mainstream and into mainstream wealth products?
Andrew: I think this is the elephant in the room. At the moment, 95% of private banks won’t touch cryptocurrency trading or take on clients that have made their wealth through the likes of Bitcoin. There is still an underlying miss trust in the sector with too much negative publicity around a criminal element use of cryptocurrencies to hide their ill-gotten gains. But I think the demand from clients and the availability of technology to provide sufficient KYC/AML requirements will eventually allow these to become mainstream investment asset classes.
Blockcast.cc: In 2018, I often heard this “Cryptocurrencies are a complete no-go in traditional wealth management”. Things in 2021 have certainly changed, why is it so?
Andrew: As mentioned in my previous answer, this is still a major issue but I do think we are seeing a change in attitude and with some major financial companies expressing their interest and investment in the sector, then I think it is inevitable that others will follow. At the end of the day, there are a lot of now wealthy clients who have made fortunes as a result of Bitcoin specifically and private banks will not want to miss out on these. The banks that engage with cryptocurrencies first will be ones to profit.
Blockcast.cc: There are no right or wrong answers. Bitcoin: Currency or Speculative Investment? Which side are you on?
Andrew: Speculative investment
Blockcast.cc: Bitcoin blew through another milestone, surging past $57,000 for the first time. Do you think this is sustainable? Yes- why? No- Why?
Andrew: My personal belief is that we haven’t reached any ceiling yet and some of the predictions of $100K and more are probably correct. Because of the volatility and huge profits that have already been made in the last 12 months alone, we will see some corrections but these will also bring buyers back in. So I am still a buyer even at these levels.
Blockcast.cc: What other cryptocurrency do you think will do well? Name 3 of them that you like. (You do not need to choose the top coins)
Andrew: I am invested in Ethereum and I trade a couple of smaller ones. I tend to look at ones that have a price less than $1 which are more tradeable in small amounts…takes me back to the good old days of trading penny shares in the 1980s.
Blockcast.cc: Tell us some of Wealth Briefing plans with regards to crypto.
Andrew: We are working with a couple of clients arranging webinars to discuss the area and also have interest from crypto trading platforms and blockchain propositions looking at getting their brand awareness higher in the wealth management sector.
Blockcast.cc: Share with us an inspiring quote.
Andrew: I think this is a rather relevant one with this volatile sector…from Oscar Wilde…
“I can resist anything but temptation”
Blockcast.cc: Thanks Andrew. We certainly hope to work with you to promote Crypto Wealth in Asia. Since, 2017, we have also helped global blockchain and cryptocurrency companies reach their marketing, public relations and business goals.
Andrew: Sure. I look forward meeting you in persons soon.
Blockcast.cc: Thanks again and thank you all for reading this interview session. For more information on Blockcast, you can reach us at:
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