How Investment Firms view Crypto currencies

So my wife was at an investment seminar yesterday.

Attendees could email questions to the investment firm beforehand and they would try to answer it. With Bitcoin being in the media spotlight, a lot of financial advisers asked their opinion on crypto currencies.

This is the basic summary of their sentiments:

It still amazes me that people can be so blind to the realities in front of them. This report was compiled by very smart people who researched the topic and presented "facts" to their clients.

From an Financial adviser standpoint, I would totally agree that you cannot ethically invest your client's money into Crypto currencies. It would be borderline negligent if you did.

Regulations in the financial industry require you to document all your investment decisions and reasons why you compiled your unit trust or EFT portfolio's in a certain way. The lack of fundamentals and current real-world application/wide spread adoption in cryto currencies prohibit you from compiling satisfactory documentation to back up your investment decisions - This would have been a great answer and a useful retort for financial adviser to use, if clients keep pestering you about Crypto currencies.

But instead they come up with this nonsense.

That's like saying "You like the internet, but you're not too sure about email"

I don't want to get too deep into this stuff, because then I'll be writing all day. But just to showcase their ignorance a few bullet points down:

Not all crypto currencies are meant as digital translatable coins. There are 100's of projects working on distributed ledgers that are not intended to be used as currencies. They seem to really struggle to grasp the concept and application of blockchain. "we really like blockchain but not bitcoin" - and then proceed to mistake the entire altcoin market for digital cash

Why give an opinion on something that you know nothing about? From a legal and ethical perspective, I totally get why investment firms can't recommend crypto currencies to their clients. But this is really pathetic.

You can spend 30 minutes on google and find tons of information that would refute all these points, but it seems like they would rather stick their head in the sand and keep sowing the seeds of ignorance.

Ok that concludes today's sermon,
Cheers