Finance Guru Suze Orman Likes Bitcoin Despite Regulation, Elon Musk Effect Personal finance guru and best-selling author Suze Orman has given advice on how to invest in bitcoin. She likes the cryptocurrency as a long-term investment despite regulatory uncertainty and the influence Tesla CEO Elon Musk seems to have on the bitcoin market. Suze Orman’s Bitcoin Investing AdviceSuze Orman has shared her bitcoin investment strategy in an interview with CNBC Monday. The Suze Orman Financial Group founder, whose show ran on CNBC from 2002 to 2015, has written 10 consecutive New York Times bestsellers about personal finance. She was named twice on Time Magazine’s list of the 100 most influential people and was appointed as a personal finance educator for the United States Army and Army Reserve in 2016. In addition, she won two Emmy Awards and eight Gracie Awards. Emphasizing that she likes bitcoin as a long-term investment but not as a currency, the famed author of the book “The Ultimate Retirement Guide for 50+” said: You have to hold it for the long run. She previously said, “Any money that you can afford to lose, then I don’t have a problem with you investing in bitcoin.” Orman also warned that the price of bitcoin could still sink to the $30,000 level or even to $26,000. The price of BTC is $40,134 at the time of writing based on data from Bitcoin.com Markets. The famed financial advisor believes that bitcoin is a legitimate investment largely due to major corporations pouring millions of dollars into the cryptocurrency. In addition, she said the American youth likes it, noting, “You really have to validate them as to where they are going.” Regarding Tesla CEO Elon Musk’s tweets affecting the price of bitcoin, Orman opined: I don’t like that one man can come out and say something and it controls the market. When Tesla announced that it had invested in BTC and would accept the cryptocurrency for payments, the price of bitcoin soared and then plummeted when Musk said that his electric car company had suspended accepting bitcoin due to environmental concerns. When Musk clarified that Tesla will resume accepting BTC “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” Orman also dislikes bitcoin being used in ransomware attacks. She questioned: Will the government come in and start to regulate it and everything? The Biden administration has made ransomware a priority and the G7 leaders have called on Russia to urgently “identify, disrupt, and hold to account” ransomware hackers and those abusing cryptocurrency to launder ransoms. Despite regulatory uncertainty and Musk seemingly affecting the price of bitcoin with his tweets, Orman said: I still think for the long run … it’s a place to put some money and just leave it, but not a lot.

$150 Billion Asset Manager Jumps Into Crypto Markets in Partnership With Nasdaq Victory Capital is entering the crypto market by partnering with American stock exchange Nasdaq and crypto-focused asset manager Hashdex.In a statement, the investment management firm with $157.1 billion in assets under management (AUM) reveals that it will be the exclusive sponsor of private placement funds and other investment instruments based on the Nasdaq Crypto Index (NCI). Nasdaq and Hashdex developed the NCI in response to the growing institutional interest in Bitcoin (BTC) and other cryptocurrencies. The rules-based index serves as a measure of the performance of the digital assets market and is designed to be readily trackable by investors.Victory Capital notes that it plans to launch a private fund that will track the NCI. It will also offer private funds that track the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index.Says Mannik Dhillon, president of VictoryShares and Solutions for Victory Capital,“By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, gaining exposure to multiple digital assets as this market continues to evolve and mature. We are actively considering other vehicles and wrappers to bring these capabilities to a broader set of investors.”Victory Capital highlights that the private fund will only be available to accredited investors.

Indian Government May Regulate Crypto as Asset Class: Report India may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI). In addition, a crypto bill is likely to be introduced during the Monsoon session of parliament, local media reported. Indian Government Reportedly Considers Regulating Crypto as an Asset ClassThe Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill. The New Indian Express reported Friday that top sources tracking the crypto industry told it that “the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify bitcoin as an asset class in India soon.” The publication further conveyed: Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the cryptocurrency sector after bitcoin’s classification as an asset class. The media previously reported that the Indian government will set up a panel of experts to come up with new recommendations to oversee the cryptocurrency industry in India. Sources informed the publication that an expert panel at the Ministry of Finance is working on formulating the country’s cryptocurrency policy. The publication further conveyed: A cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session. The Monsoon session usually starts in July. However, last year, it did not start until September due to the coronavirus crisis. This year, the government expects the session to begin on its normal schedule. Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks regarding its April 2018 circular that banned financial institutions from providing services to crypto businesses and traders. The bank said that the circular is no longer valid per the supreme court ruling in March last year, emphasizing that banks cannot quote it when making decisions on cryptocurrency. The central bank, however, reiterated that its position on bitcoin and other cryptocurrencies has not changed and it still has “major concerns,” RBI Governor Shakthikanta Das said, adding that they have been communicated to the finance ministry. Ketan Surana, Director and chief financial officer of cryptocurrency exchange Coinsbit and member of Internet and Mobile Association of India (IAMAI), said: “We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation.” The director emphasized: A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward. We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies.

Earlier this week Ethereum’s token Ether (ETH) took a serious tumble as Bitcoin (BTC) price swiftly broke down to $6,560 on Nov. 25. The price dropped through numerous supports, forming a bottom at $131.60, a point not seen since March 25.

Price Analysis 23/10: ETH,TH/USD The failure of the bulls to push Ether (ETH) above the 20-day EMA in the past few days has attracted selling. It has broken down from the immediate support at $161.056.

Ethereum Name Service Adds Multicoin Support Distributed naming system Ethereum Name Service (ENS) has announced the launch of multicoin support as 15 cryptocurrency wallets already plan to utilize the new feature.