‘I love bitcoin’ as a replacement for gold

Although cryptocurrency is wary by many, bitcoin has gained a wave of support in recent months: In February alone, the fintech company Square and the business software company MicroStrategy bought large sums of additional bitcoin to add to their existing wallets, while the Electric car company Tesla added billions of dollars of the coin to its balance sheet.

Among the latest bitcoin bulls is personal finance expert Suze Orman.

“I love bitcoin,” Orman told Yahoo Finance in an interview published on Friday. “I like the universality of it. I like that it is there and the corporations that are investing in it.”

But, Orman clarifies, he doesn’t see bitcoin as an alternative to fiat currency: “I don’t like bitcoin as a currency. I don’t like where you go to buy a Tesla or something with it. I like it as a possible replacement for gold, as an investment. “.

And she is not alone in her thinking.

Billionaire investor Mark Cuban recently discussed that bitcoin will be a better store of value than gold, and sees its value as an asset rather than a currency.

“Bitcoin is not going to be a currency,” Cuban told Real Vision in an interview published on February 9. “It is a crypto asset. It is not going to be a hedge against fiat money and the printing of too many dollars.”

Orman, who also hosts a podcast called “Women & Money,” said she had invested “personally” in bitcoin through software company MicroStrategy.

“In June of last year, I bought MicroStrategy at about $ 125 a share, I think around there,” he told Yahoo Finance, adding that his decision was made after hearing the company’s CEO speak. “I upped it all the way and sold it, I think it was last week, at about $ 1,000 a share, because bitcoin was going up but MicroStrategy [stock] He was falling “.

Despite his love for cryptocurrency, Orman cautions: “[B]itcoin is very risky. I would not invest in bitcoins with money that I could not afford to lose. “

Orman recommends investing $ 100 a month in bitcoin, but only if that is an amount you can afford to lose.

Bitcoin has a current market value of around $ 897 billion, according to Coindesk, and at 10:40 a.m. EST on Friday, the cryptocurrency is trading at $ 48,087.22.

All in all, “I happen to like bitcoin,” he tells Yahoo Finance.

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Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”


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