Adam Hoffman is an expert in the field of finance where he specializes in wealth management for his clients. He currently works as a senior financial advisor for an Australian consulting company, Xcela Wealth. Born and raised in Australia, Hoffman went to the University of Melbourne where he completed undergraduate and graduate studies.
His major was focused on finance and accounting which also helped him learn some basic concepts of business and investing. Hoffman has had over two decades to build a sizable portfolio of successful projects. His efforts have always been timely recognized as he has been promoted at Xcela Wealth ahead of the typical schedule.
What do you love most about digital currency?
I love how simple it is to comprehend and use. In the beginning, I was a little skeptical about it since it was an unprecedented innovation. I mean, how often do you see something grow by $17,000 in value in less than a year? After doing some research and reading what the experts said, however, I became very interested to become a part of the movement. Some of the features that drew me closer are the unmatched security that will make other methods of payment seem like a thing of ancient history.
People are known to lose the cash they carry and credit or debit cards are no strangers to malfunctions. The fact that cryptocurrency is locked away behind many layers of protection while remaining readily accessible is beyond impressive.
What alt coins are you most interested in?
There are a few that I have been following promptly. Some of them are NEM, Ethereum, and Stellar. NEM is probably the least known one but it has grown over 800 percent since it was originally started in late 2017 for 21 cents a coin.
When comparing its blockchain to that of Bitcoin, I would have to agree with many specialists who say that NEM is the dominant one. Ethereum is the more popular one that is currently tailgating Bitcoin in almost all aspects. For the longest period of time, it held the number two spot by market capitalization. Since there have been quite a few Initial Coin Offerings (ICOs) ever since, however, it fell down the list a little.
Lastly, Stellar is one that is a great combination of NEM and Ethereum. In my opinion, it beats Bitcoin when it comes to transaction speed since it only requires a few seconds as opposed to thirty minutes making it ideal for banking type applications.
What do you see in the future for Bitcoin?
I think that Bitcoin will have to work very hard to keep its place as the number one cryptocurrency. The few aforementioned alt coins are just some of the examples that are already beating Bitcoin in multiple areas.
In reality, there are many more digital currencies that have found a way to differentiate themselves and pick up a good market share. Although no competitor currently holds the power to decrown Bitcoin, they are certainly getting very close to that if put together. I mean, even after a few years that the cryptocurrency has been experiencing such tremendous growth, it still takes 30 minutes to complete a transaction. These type of issues that have not been addressed lead me to believe that the developers at Bitcoin might be getting too relaxed while the competition is emerging from the shadows.
What’s your favorite thing about this industry?
I like that it is bridging the gap between people who are experts in the fields of finance and accounting with those who are highly skilled in technology. Having studied business and worked in finance for many years myself, I never had the need to become an expert on how technology operates. Although I knew the basics, most of my job duties at Xcela Wealth deal with making proper investments, reading complicated functions of growth, and accounting for time value of money. None of those are closely related to something like the world of blockchain technology.
Since Bitcoin took off, I’ve spent more time reading about cryptocurrencies than anything else that has been happening in the stock or bond market. This helped me get educated on some concepts that I never anticipated I would need for my career. Nonetheless, I am proud to have done so.
What’s the best advice you’ve ever received?
I was once told that people who follow the crowd are never on time. I did not really comprehend the true meaning of this until 2017 happened. Going back to our topic here, Bitcoin, you may recall was valued at less than a $1,000 at the beginning of the last year.
If you look at the month of December, on the other hand, it peaked at nearly $19,000. That implies a return on investment that has probably never been seen before. So, most people who waited for the crowd to get interested and buy Bitcoin were probably subjected to the latter price that was more expensive. Those who threw caution to the wind and became early investors in the product, however, enjoyed an enormous return.
