Do you get confused by Bitcoin, Ethereum and the many other forms of cryptocurrency out there? If so, you’re probably not alone.
That’s why two former Steamboat Springs bankers have created C4 Crypto Advisers, a new Steamboat-based business aimed at helping educate, inform and guide its customers to a better understanding of the digital currency.
The two believe cryptocurrency — a digital asset that can be used to buy goods and services — will redefine the future of finance, and they want to assist clients with building a portfolio that is compatible. C4 Co-founder Chris Mihnovets likens cryptocurrency to the internet as it was in the late 1990s.
“If you remember there were are a lot of companies that had huge valuations on the NASDAQ with these great ideas, really cool proof of concept and then they did not go anywhere,” said Mihnovets, who previously climbed the corporate ladder at Wyndham. “But there were a few that had really good ideas and were able to carve a niche in specific industries,” such as Google and Amazon.
“I think we’re going to see something very similar with crypto,” he added.
Much of the current interest is to trade the unregulated currencies for profit.
Mihnovets’ partner Chris Slota, who spent the last seven years as branch manager at Bank of the West in Steamboat, sees the new technology as a great investment.
“What we found in the crypto space is that there were a lot of entertainers,” Slota said. “(There’s) a lot of podcasts, a lot of YouTube, a lot of people on Instagram that want you to sign up for like a monthly newsletter, and they’re just there to entertain you.”
Instead, C4 seeks to actually educate people and breakdown barriers often common with new technologies. Slota said cryptocurrency cuts out the middle man in finance, making transactions less expensive and safer. Bitcoin was introduced because there had been no way to make a trustless transaction on the internet, and most transactions involved a third-party and additional service fees, he said.
With cryptocurrency transactions can take place in minutes instead of days or weeks, and the people who are transacting can live on different sides of the world.
“The fact that you see countries that are already making Bitcoin as legal tender, you’re seeing companies put it on the balance sheet and you are seeing companies buy billions of dollars’ worth of cryptocurrency says a lot about the future,” Mihnovets said.
C4 Crypto Advisers can help guide people through the transition and make sound investments.
“We charge a monthly fee, and that monthly fee varies based on what services we’re providing, ” Slota said.
Services include simply advising clients for $25 a month, or for C4 to act as a crypto custodian — something like an algorithmic day trader — costs $75 a month. C4 is able to offer more services depending on each client.
“We are the ones that dig deeper to try and understand why these coins have value,” Slota said. “We can help people invest in what we believe is a good investment vehicle, while also teaching them the tools that are going to be the future of how they transact, but on top of that we can help businesses and individuals transact right now, much faster, much less expensive and much more security.”
To reach John F. Russell, call 970-871-4209, email [email protected] or follow him on Twitter @Framp1966.