Tyrone Ross is the CEO of Onramp Invest, and several publications have named him one of the top financial advisors in the United States. He's also a big believer in Bitcoin's (CRYPTO:BTC) potential to transform the financial system as we know it. In thisFool Live interview,recorded on March 18, Fool.com contributor Matt Frankel, CFP, asks Tyrone about Bitcoin's potential as a payment mechanism, why Bitcoin is such a volatile asset right now, when Bitcoin might reach mass adoption, and much more.
Matt Frankel: For those who don't know, Tyrone is CEO of Onramp Invest. He was named in InvestmentNews' top 40 advisors under 40, which is a pretty big accomplishment. WealthManagement.com called him one of the top 10 advisors set to change the industry in 2019. That's a pretty impressive resume I just read. I gave the short version. Can you briefly explain what it is that you do? What is Onramp Invest? What do you do?
Tyrone Ross: I'm the CEO of Onramp Invest, which is a platform that is going to allow financial advisors to interact with Bitcoin for their clients the same way they would Appleright now. We're going to get into the portfolio management software and the financial planning software to allow them to model, plan, build, and give them access to qualified custodians.
Frankel: OK. I know a lot of the work you do, it's involving cryptocurrency as a mechanism for the unbanked and underbanked segment of the population. Do you view Bitcoin as a replacement for U.S. dollar, like a payment bank or a replacement for bank accounts, or a way to store wealth, or all of the above?
Ross: First, I've got to say that I'm no longer saying “unbanked“ and “underbanked.“ That has become a trope. I say underserved. Yes, I think Bitcoin and other crypto networks are a boon to the underserved of what is allowing for access in those that have been shut out of the traditional financial system due to financial redlining, so yes.