In a new interview, ted Wednesday, personal finance guru Suze Orman added her voice to the chorus of bitcoin boosters, declaring her “love” for the cryptocurrency. She stressed the strength of bitcoin as an investment tool, but criticized it as an alternative to fiat currency, adding that cryptocurrency is “risky” and its investors should be prepared to lose their money.
“I love bitcoin. I like the universality of it. I like that it’s just there and there are companies investing in it,” she says.
“I like it as a possible replacement for gold as an investment,” she adds.
Last month, Tesla (TSLA) CEO Elon Musk announced that the electric car company had purchased $ 1.5 billion. Dollar in bitcoin and would at some point accept it as payment for its products. The price of cryptocurrency rose in the following days and peaked at a price of more than $ 58,000 on February 21st.
Since then, it has fallen by 10%, which is probably partly due to a repayment criticism of the cryptocurrency by Musk, Treasury Secretary Janet Yellen and former Microsoft CEO Bill Gates. During a confirmation hearing in the Senate on Tuesday, SEC President Gary Gensler appointed warned of fraud risks involved in cryptocurrency, another blow to the price of bitcoin.
Berkshire Hathaway Vice President Charlie Munger renewed his critique of the cryptocurrency late last month called it “an artificial substitute for gold” that is “too volatile” to serve as a global currency while speaking in the Daily Journal (DJCO) annual meeting, streamed on Yahoo Finance.
After Orman praised bitcoin, she acknowledged its shortcomings as an alternative currency and the risks it poses to investors.
“I do not like bitcoin as a currency. I do not like it where you have to buy a Tesla or you want to buy something with it.”
“What I tell my listeners and what I want to tell everyone, bitcoin is seriously risky,” she adds. “I did not want to invest in bitcoin with money that I could not afford to lose.”
Orman spoke with Yahoo Finance Chief Editor Andy Serwer in an episode of “Influencers with Andy Serwer, “A weekly series of interviews with business, politics and entertainment executives.
She started her career at Merrill Lynch in the 1980s, and before long she formed her own consulting firm. Then in 2002, she launched “The Suze Orman Show” on CNBC, making her the financial guide for millions. She has written dozens of books and now hosts the “Suze Orman’s Women & Money Podcast.”
“Last June, I bought MicroStrategy for about $ 125 a share, right there, I think. I drove all the way up, and I sold it, I think it was last week, just about $ 1,000 a share.”
She said she draws reassurance from support for bitcoin expressed by ARK Invest’s CEO / CIO Cathie Wood.
“I really love how Cathie Wood loves bitcoin,” Orman says.