New York Times best selling author, and personal finance advisor, Suze Orman has joined the ranks of well-known public figures to suggest that people should invest in Bitcoin, albeit with several stipulations.
With millions of fans and listeners of her podcast, Suze Orman is one of the most recognised public finance advisors in America and has been listed twice on the Time 100 Most Influential people. The podcast host addressed Bitcoin as a good long-term investment in her most recent podcast episode, but was keen to add that you shouldn’t “be in such a hurry to invest right now.
“Any money that you can afford to lose, then I don’t have a problem with you investing in bitcoin.”
Orman suggested that people who decide to invest in Bitcoin should do it long-term.The personal finance advisor spoke about Bitcoin recently on her Women & Money podcast, noting that while it was possible for Bitcoin to “go down to $24,000” and even suggesting it could drop to $12,000, bitcoins at this moment in time are something that “you should look at”.
One of the reasons Orman believes in the future of Bitcoin is the number of corporate investors that have invested in the cryptocurrency. Additionally, Orman brought up the fact that young people in America are highly interested in cryptocurrencies, which in itself is a reason to support its longevity. The need for regulation, in light of the demand and interest in cryptocurrency, was brought up by Orman, who noted:
“Will the government come in and start to regulate it and everything? I don’t know, but I still think for the long run ... it’s a place to put some money and just leave it, but not a lot.”
While Orman’s analysis of Bitcoin was positive for the future of the digital currency, the podcast host brought up a number of issues surrounding the cryptocurrency, notably ransomware attacks where cyber hackers demand cryptocurrency, usually Bitcoin, as ransom.
Following the recent ransomware attack on Colonial Pipeline, in which $4.4 million dollars was extracted in ransom by hackers. Fortunately the US was able to recover the majority of the ransom, however it brought the issue of cyber attacks into the mainstream, and the worrying association between ransomware and Bitcoin.
While cyber attacks are on the increase, some commentators brought forward the fact that it was not Bitcoin that was ‘hacked’, but rather the centralized platform or exchange.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.