At the end of 2017 bitcoin was the 9th most visited Wikipedia page, with 15,026,561 visitors. In 2016 it didn’t even make the top 50.

For those in the know, bitcoin has been spoken — or at least whispered — about for almost a decade now. For the rest of the world, it was December 2017 when seemingly overnight everyone was talking about it and many were downloading apps like Coinbase to ‘try their luck’.

Cryptocurrencies such as bitcoin are volatile to say the least. But despite this cryptocurrencies and the blockchain, the digital ledger that underpins them, has caused a stir because it is challenging the traditional, centralised, banking system.

But if you are interested in building up a portfolio in crypto-assets, seeking financial advice is not easy.

This deregulated and decentralised currency carries obvious issues for advisers. Until the UK government and banks clarify their positions on bitcoin and all its subsidiaries, it is impossible to give FCA-approved advice.

This won’t be the case forever. The FCA is working with the Bank of England and the Treasury to refine their policy on cryptocurrencies — their review will be published later this year, after which advisers may adopt a position on bitcoin.

At present, you’d be hard pushed to find an IFA willing to talk to their client about cryptocurrency. Merrill Lynch even banned advisers from talking about it with clients.

This restriction carries huge significance. First, it acknowledges that lots of clients have questions about crypto-investment. Second, it’s a big barrier for communication between adviser and client.

But how can an adviser talk about an unregulated currency? Some eager financiers are finding a way and leading the charge through this unchartered territory.

One such adviser is Michael Hudson, who left his job in financial services to found Bitstocks. Bitstocks aim to ‘simplify’ the process of investing in bitcoin and cryptocurrency for their clients.

Focus spoke to Michael about the challenges and opportunities that come with advising on such a new field. After all, this thoroughly modern adviser might be the future of advice…

First and foremost, how did he put his faith in something so novel?

“When I first heard of bitcoin I actually dismissed it, as most in the sector did at that time.”

“I took the time to educate myself on the underlying technology and philosophical aspects of Bitcoin and my view changed. It opened my eyes to a world of economic inclusion, irrespective of nationality or socio-economic status.”

He left the trading floor with a dream to bridge the gap between cryptocurrency and investors.

Though Michael was convinced, 4 years after founding Bitstocks he still faces widespread scepticism and misinformation surrounding bitcoin.

‘It is a complex subject and one that many don’t understand at first glance.” But without education, “many potential investors will be left out in the cold.”

Michael’s objective is: “to make the process of investing in cryptocurrency easy, by helping educate investors and provide absolute security of their funds.”