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Financial guru Suze Orman likes Bitcoin despite regulation, Elon Musk effect – Bitcoin News in focus

Personal finance guru and bestselling author Suze Orman has provided advice on investing in Bitcoin. She likes cryptocurrency as a long-term investment despite regulatory uncertainty and the impact Tesla CEO Elon Musk appears to have on the Bitcoin market.

Suze Orman’s Bitcoin investment advice

Suze Orman shared her Bitcoin investment strategy in an interview with CNBC on Monday. The founder of Suze Orman Financial Group, whose show ran on CNBC from 2002 to 2015, has written 10 consecutive New York Times bestsellers on personal finance. She was twice named Time Magazine’s 100 Most Influential People and was named a Personal Finance Educator for the United States Army and Army Reserve in 2016. She also won two Emmy Awards and eight Gracie Awards.

The famous author of The Ultimate Retirement Guide for 50+ emphasized that she likes Bitcoin as a long-term investment, but not as a currency:

You have to keep it up forever.

She previously said, “Any money you can afford to lose, then I have no problem with you investing in Bitcoin.” Orman also warned that the price of Bitcoin could still drop to the $ 30,000 level, or even $ 26,000. The price of BTC is $ 40,134 at the time of writing based on data from Markets.

The famous financial advisor believes that Bitcoin is a legitimate investment, largely due to the fact that large corporations are pouring millions of dollars into the cryptocurrency. Additionally, she said that American youth like it, noting, “You really need to reassure them where they are going.”

Regarding Tesla CEO Elon Musk’s tweets that influenced the price of Bitcoin, Orman said:

I don’t like that a man can come out and say something and it controls the market.

When Tesla announced it had invested in BTC and would accept the cryptocurrency for payments, Bitcoin’s price soared and then crashed when Musk said its electric car maker had stopped accepting Bitcoin for environmental reasons. When Musk made it clear that Tesla will resume adopting BTC, “Tesla will resume allowing Bitcoin transactions if adequate (~ 50%) clean energy use is confirmed by miners with positive future trends.”

Orman also doesn’t like Bitcoin being used in ransomware attacks. She asked:

Will the government step in and start regulating it and everything?

The Biden government has made ransomware a priority, and G7 leaders have urged Russia to urgently “identify, disrupt and hold accountable ransomware hackers and those who abuse cryptocurrency to launder ransom money “.

Despite regulatory uncertainty and Musk apparently influencing the price of Bitcoin with his tweets, Orman said:

I still think in the long run … it’s a place to put in some money and just let it go, but not a lot.

Orman went on to point out that in addition to buying cryptocurrencies directly, investors can also get exposure to Bitcoin or other cryptocurrencies by buying stocks of companies that invest in BTC or are involved in crypto projects. “There are other ways to play it than just buying the crypto itself,” Orman suggested, citing Microstrategy and Square as examples.

What do you think of Suze Orman’s bitcoin advice? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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