U.S. Money Diva Suze Orman Looks at BTC: I Love Bitcoin Should Use It as a Long-Term Investment

“I don’t mind if you invest in bitcoin as long as you can afford to lose…in the long run, you have to stick with it.”

Bitcoin has gained another endorsement from a traditional financial luminary, as Suze Orman, a billionaire U.S. financial guru and contributing writer to Oprah magazine, told CNBC that it should be treated as a long-term investment, saying, “I don’t mind if you invest in bitcoin as long as you can afford to lose…in the long run, you have to stick with it.”

U.S. Money Diva Suze Orman Looks at BTC: I Love Bitcoin Should Use It as a Long-Term Investment

Orman has previously said that she personally views bitcoin as a store of value, an alternative to gold.

But Orman warned that bitcoin could still fall to lows of around $30,000 or even $26,000.

Suze Orman, who has been hailed by USA Today as a “leading authority on women’s money management,” is the author of three consecutive New York Times bestsellers, with more than 25 million copies in circulation and available in 12 languages worldwide.

Bitcoin has soared in the past few years, gaining some mainstream support from corporations and big banks. However, it’s a volatile investment, which has led many financial experts to urge caution among retail investors looking to buy in a big way.

A recent survey by the Financial Planning Association and the Journal of Financial Planning found that 14% of financial advisors are currently using or recommending investments in cryptocurrencies.

Orman believes that over time, it is a legitimate investment into which large companies have poured hundreds of millions of dollars.

Most importantly, young Americans like it, she said.

Tesla CEO Elon Musk said Sunday that the electric car maker will again accept bitcoin transactions in the future. Bitcoin prices continued to rise Monday after billionaire hedge fund manager Paul Tudor Jones told CNBC he was bullish on bitcoin.

Similarly, when Musk tweeted in May that Tesla was suspending the use of the cryptocurrency to buy cars, the price fell about 5 percent within minutes.

I don’t like the idea of one person standing up and saying something and taking control of the market,” Orman said. Will the government step in and start regulating it? I don’t know, but I still think in the long run …… could put some in bitcoin out there for investment.”

Orman also suggests that if investors don’t like investing in Bitcoin or any other cryptocurrency, there are other ways to get exposure, such as some companies that invest in Bitcoin or related technology.

Orman reveals she got involved in bitcoin investing through MicroStrategy, where she bought at $125 per share last June, almost at the starting point, and later sold at $1,030 per share.

She also favors payments company Square, which bought $170 million worth of bitcoin in February. Earlier this month, CEO Jack Dorsey said the company was considering building a hardware bitcoin wallet.

Orman said, “There are other ways to participate than simply buying the cryptocurrency itself.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/u-s-money-diva-suze-orman-looks-at-btc-i-love-bitcoin-should-use-it-as-a-long-term-investment/
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