Personal finance expert Suze Orman likes bitcoin.
Not as a currency, but as a long-term investment, the bestselling author told CNBC’s “Power Lunch” on Monday.
Back in April, she said she told listeners of her podcast, “Women & Money (And Everyone Smart Enough To Listen)” that “Any money that you can afford to lose, then I don’t have a problem with you investing in bitcoin.”
She’s still giving that advice, but is warning of the possibility that it can go back down to its May lows of about $30,000 or even to $26,000.
“You have to hold it for the long run,” said Orman, author of “The Ultimate Retirement Guide for 50+.”
Bitcoin has surged over the past several years, gaining some mainstream support from corporations and big banks. However, it’s a volatile investment, which leads many financial experts to urge caution to retail investors who want to pile in.
Currently, 14% of financial advisors are using or recommend investing in cryptocurrencies, a recent survey from the Financial Planning Association and the Journal of Financial Planning found.
Orman believes it is a legitimate investment over time in part because major corporations have poured hundreds of millions of dollars into it.
On top of that, American youth like it, she said.