Former “The Bachelor” star Matt James has a piece of advice to Chris Harrison, former host of “The Bachelor”: “Buy bitcoin.” The embattled host received a $ 25 million exit package after leaving the show amid a racism controversy.
“The smartest thing to do with a withdrawal would be to buy as much bitcoin as you can,” James told Yahoo Finance. “Because right now it’s at an all-time low, if you look at the past few months.”
James said he sees an investment in Bitcoin as doubling and “going to the moon” and “topping $ 100,000 by the end of the year.”
“I think anyone who makes a lot of money should at least consider looking at the asset class because it has gone, where it is headed and what the future looks like given inflation,” said James.
Bitcoin and other cryptocurrencies have seen volatility in recent months – Bitcoin rose to a record high of more than $ 63,000 in April before losing more than 45% in value to a low of less than $ 34,000.
While Bitcoin (BTC-USD) bounced back from its lows in the first half of the year, they are still away from their highs.
“When you’re dealing with volatile things, you’re going to have price volatility,” said James. “Unless you have long-term development of Bitcoin, you might get nervous to see prices go up and down in the near future. But with the future in mind, I think it would make sense to be paid in a currency that will outperform the dollar in the future. “
The former NFL player said that if he was still doing sports he would “definitely” want to be paid in bitcoin in whole or in part.
James said he plans to hold onto Bitcoin for the long term and considers himself “a bitcoin maximalist”.
“I didn’t sell anything that I bought through the dip,” he said. “Fortunately, I had a bit of cash in reserve and was able to top up what some people wanted to get rid of.”
“The Bachelor” star explained his Bitcoin philosophy “as a hedge against inflation and for the long-term protection of my wealth”.
The Federal Reserve reiterated its view that spikes in inflation are temporary, expressing reluctance to extend quantitative easing, which suggests that rate hikes will not come until next year.
“It doesn’t look like the Fed is planning a rate hike anytime soon. So I just want to make sure my money is worth more in the future. And one of the seamless ways to do that is by investing in an asset that is trending in the right direction and whose supply is limited. For me that’s a very simple point of view and it’s a very simple strategy – just buy and hold Bitcoin. “
James has partnered with BlockFi, a financial services company for crypto investors, and said companies like BlockFi are helping him “make bitcoin by holding my bitcoins”.
“The desire to work with a company that shares my financial vision and views has been very seamless,” said James. “They are co-founded by a woman. It’s varied too. And it matters that we try to tell our students that we work with in these underserved communities. And that is really your own research. “
Kristin Myers is a reporter and presenter for Yahoo Finance. follow her on twitter.