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Former “The Bachelor” star Matt James has one piece of advice for former “The Bachelor” host Chris Harrison: Buy bitcoin. The struggling host received a $ 25 million exit package after leaving the show amid a racism controversy.
The smartest thing that can be done with any payment would be to buy as much bitcoin as possible, James told Yahoo Finance. Because right now it’s at an all time high if you look at the last few months.
James has said he considers an investment in bitcoin to double and go to the moon and reach over $ 100,000 by the end of the year.
I think anyone who makes a lot of money should at least consider looking at the asset class because of how it is moving, how it is trending, and looking ahead, taking inflation into account, James explained.
Bitcoin and other cryptocurrencies have seen volatility in recent months, bitcoin hit a record high of over $ 63,000 in April before losing more than 45% in value to a low of less than $ 34,000.
While bitcoin (BTC-USD) has rebounded from its first half lows, they still remain below their highs.
When you’re dealing with volatile things, you’re going to have price fluctuations, James said. If you don’t have a long-term trajectory in bitcoin, you might be confused when you see prices rise and fall in the short term. But if you have eyes on the future, then I think it would make sense to be paid in a currency that is going to outperform the dollar in the future.
The former NFL player said if he was still playing sports he would definitely want to be paid some or all in bitcoin.
James said he plans to hold bitcoin for the long term and considers himself a bitcoin maximalist.
I didn’t sell anything of what I bought during the downturn, ”he said. “Fortunately, I had a bit of spare cash and was able to stock up on what some people were trying to get rid of.
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The star of “The Bachelor” explained his philosophy of bitcoin as a hedge against inflation and protection of my long-term wealth.
The Federal Reserve reiterated its view that inflation spikes are transient, expressing reluctance to slow quantitative easing, indicating that interest rate hikes will not take place until next year.
It doesn’t sound like the Fed’s intention to raise interest rates anytime soon. So, I just want to make sure my money is worth more in the future. And one of the transparent ways to do that is to invest in an asset that is moving in the right direction and has limited supply. It’s a very simple view for me, and it’s a very simple strategy, just buy bitcoin and hold it.
James has partnered with BlockFi, a financial services company for crypto investors, and said companies like BlockFi are helping him earn bitcoin by holding my bitcoin.
It was very easy to want to work with a company that had the same financial vision as me and similar points of view, ”said James. “They are co-founded by a woman. It also happens to be diverse. And that’s part of the story we try to tell our students who we work with in these underserved communities. And it’s really doing your own research.
Kristin Myers is a reporter and presenter for Yahoo Finance. Follow her on Twitter.
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