Actor Stephen Baldwin said if you have money that you don’t mind losing, invest in bitcoin.
“It’s an opportunity with a calculated risk like everything else,” Baldwin told the FOX Business’ Stuart Varney on “Varney & Co.”
Baldwin argued there is a fundamental difference between the blockchain technology, which makes cryptocurrencies like bitcoin possible, and the potential in cryptocurrency investments.
“I’m just an actor but if you ask any stock analyst, it’s about risk management, isn’t it? Yes. So I’m going to tell people bitcoin, litecoin, dash digital cash, companies like Ethereum and a really cool company I just connected with called BlockApps—these are companies that are really trying to educate the consumer [on] the difference between what’s happening in blockchain as a technology then crypto as an opportunity to invest. [It’s a] very different thing,” Baldwin added. “Crypto is a digital currency – yes [in] Wall Street it’s not existent but you can’t take a stock down to Home Depot and buy what you need.”
Bitcoin’s recent uptick has created a debate over whether the cryptocurrency is going to bubble and while Baldwin may agree that could happen, he said it’s worth the risk.
“Hasn’t Wall Street had bubbles? Hasn’t real estate had bubbles? People invest in all of that. Let’s not discourage the honest individual who wants to make a buck from getting involved.” he said. “If you have a little money to play with and invest, I’m going to tell you right now—look at the top 10 cryptocurrencies—[because] they are going up in the next 5 years. Is it a risk? Absolutely, so is everything else.”