Personal finance expert Suze Orman likes Bitcoin.
Not as a currency, but as a long-term investment, the bestselling author told CNBC:Power lunch” Monday.
Back in April, she said she told the listeners to her podcast: Women & Money (and anyone smart enough to listen)“Any money you can afford to lose, I have no problem with you investing in Bitcoin.”
She still gives that advice but warns of the possibility of it going back to his May lows of about $ 30,000 or even to $ 26,000.
“You have to keep it up for the long haul,” said Orman, author of “The ultimate retirement guide for the 50+. “
Bitcoin has grown significantly in recent years and has received some mainstream support from corporations and major banks. However, it is a volatile investment that has led many financial experts to caution private investors looking to get on board.
For now, 14% of financial advisors use or recommend investing in cryptocurrencies, according to a recent survey by the Financial Planning Association and the Journal of Financial Planning.
Orman believes this is a legitimate investment over time, in part because large companies put hundreds of millions of dollars into it.
American youth also like it, she said.
“You really need to confirm where you are going.”
Bitcoin’s volatility can be demonstrated in its increase after utterances by Tesla CEO Elon Musk, who said on Sunday that the electric vehicle maker would do it Re-accept bitcoin transactions in the future. Prices continued to rise on Monday after billionaire hedge fund manager Paul Tudor Jones told CNBC it prefers Bitcoin.
Likewise in May when Musk tweeted Tesla suspended Vehicle purchases with the cryptocurrency dropped the price by around 5% within minutes.
“I don’t like it that a man can come out and say something and it controls the market,” Orman said.
Nor does she like the fact that cyber criminals typically charge Bitcoin in ransomware attacks.
“Will the government step in and start regulating it and everything?” said Orman.
“I don’t know, but I still think in the long run … it’s a place to put some money in and just leave it, but not by much.”
If you’re not into investing in Bitcoin or any other cryptocurrency, there is other ways to get exposure. There are companies that invest in Bitcoin or related technologies.
She also likes payment companies square, Which bought $ 170 million worth of Bitcoin in February. Earlier this month, CEO Jack Dorsey said the company was considering building one Hardware bitcoin wallet.
“There are other ways to play it than just buying the crypto itself,” Orman said.
Join Now: Invest in Pride: Ready. To adjust. To grow. with Suze Orman. She will discuss the most pressing issues small business owners are currently facing and answer their questions about how to manage their personal and business finances.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.