Analysis: Wealth managers frustrated over bitcoin, anxious for piece of the action

The roller-coaster ride in bitcoin since the start of the year has not dampened wealth manager Jim Paulsen’s enthusiasm for the cryptocurrency.

Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. [Reuters]

Yet Paulsen, chief investment officer for Leuthold Group, which manages $1 billion, cannot own bitcoin in client portfolios due to regulatory constraints. This has left him on the sidelines watching the world’s most popular cyrptocurrency surge more than 900 per cent since its March lows in volatile trading that also saw bitcoin lose more than 20 per cent in the span of a few days.