Some good news in the wake of the COVID-19 pandemic that has left the healthcare system exhausted and fraying at the edges, and just days after the provincial election, with
Rudy Mezzetta Canadian investment firms are taking a cautious approach to Bitcoin and other cryptocurrencies as client interest in the space increases and new products offer retail investors easier access to cryptocurrencies. Financial advisors are divided on cryptocurrency’s place in client portfolios. Some advisors avoid digital currencies altogether while others embrace the investments but only for certain clients and with limited exposure. “We’re incorporating ETFs backed by Bitcoin in RRSPs and TFSAs,” said Michael Zagari, an investment advisor in Montreal with Burlington, Ont.-based Mandeville Private Client Inc. “If [cryptocurrency prices] are going to go where you think they will go, you would want [those investments] to be in a tax-free environment.” Zagari said he recommends a 1%–5% position in cryptocurrency as a long-term holding for clients whose portfolios are already on track to meet financial goals.