Bitcoin is ‘the new gold’ says La La Anthony—and it could go to $150,000
La La Anthony is one of those rare entertainers who could qualify for a show biz pentathlon. The Brooklyn native started by hosting live music shows on radio and as a VJ on MTV, won movie roles (“Think Like a Man”), starred in hit cable series (“Power” on STARZ), and headlined the reality TV extravaganzas “La La Full Court Marriage,” and “La La’s Full Court Life,” alongside her husband, NBA powerhouse Carmelo Anthony. In her spare time, she penned the New York Times number one best-seller “The Love Playbook.”
She’s also sunk the ball as an entrepreneur, creating her own cosmetics line for Motives, and producing the critically acclaimed documentary “Tyson” recounting the boxer’s tumultuous rise and fall.
Today, this seasoned promoter absolutely loves Bitcoin, and is convinced she’s not getting conned by the billionaires, celebrities and fans who’ve turned the signature cryptocurrency into a pop phenomenon. “When I first heard about Bitcoin, I didn’t understand why the rappers and athletes were getting involved,” she told me in a phone interview, en route to the set of the Showtime series “The Chi” in Chicago. “People were programmed to think it’s a scam and a fraud.” Then, a trusted friend from the business world advised her that Bitcoin was the real deal, and introduced her to Gemini, the crypto exchange founded and run by Tyler and Cameron Winklevoss. She’s emailed with Tyler, and credits the people at Gemini––where she buys her coins––for teaching her about Bitcoin’s virtues.
Bitcoin’s magnetism led Anthony to add more risk without hugely disrupting her conservative investing style. “I’d always played it safe with the Googles and Apples,” she says. “But I work hard for my money, and I wanted to take a little more risk. So I took some of my change to Bitcoin instead of making the traditional safe investments.” (Her crypto portfolio includes Ethereum as well as Bitcoin.)
When she got interested around six months ago, part of the appeal was the sheer spectacle of its ascent, and watching its popularity in top financial circles rise in tandem with its price. “I was infatuated with watching it go up and down, and so many companies buying into it, and people like Elon Musk tweeting about it,” notes Anthony. “For me, it was more about what those guys said, not the celebrities. The world was financially changing, and it was an incredible thing to watch.”
Anthony sees Bitcoin becoming a widely-accepted currency, and believes that it beats that stalwart safe gold because it boasts far bigger upside. “It will take the place of the traditional dollar, and it’s the new gold, but better because its price will go to a place that’s unimaginable,” she says. So far, the cryptocurrency is following the Anthony script. She bought her Bitcoin at roughly $15,000, and her holdings have since multiplied four-fold at the March 31 price of $58,600.
But she recognizes that Bitcoin is highly volatile, so despite the excitement it’s brought to her financial life, she’s not betting on it too heavily. “I’ve invested 2% to 3% of my net work in crypto,” she says. “That could change if my confidence grows. But I’m not going to risk having my house and car taken away from me. I’m not putting in every coin I ever earned. I don’t go into anything blindly. Sitting and listening about it with friends and financial people I trust is another side to who I am, apart from building my brand and future in entertainment.”
So how high does she think Bitcoin will go? “I hear between $150,000 and $200,000,” she says. “That’s pretty much standard in what I’m hearing. I see what’s happening in front our eyes, so it can definitely go there.” But given Bitcoin’s hit an all-time high, and you’ve quadrupled your investment, isn’t it time to think about selling? “I always ask that question, ‘Do you hold forever, or get out of there?'” she replies. “I’m told we’re not even close to that place now. It’s all about stacking Bitcoin and Ethereum. When it’s time to unload, sirens will go off.”
What will signal the sirens, and what will the signal sound like? “The alarm will ring when the price is so high that people don’t see it going any higher,” she says. “That’s when I start selling. Meanwhile, I’m really having fun in the space.”
Anthony closes by reprising the buzz of learning “from the Tylers of the world.” Two cultures are to combining sustain the boom in Bitcoin, she says, Wall Street’s crypto contingent, and the titans of entertainment. “The rappers Nas and Soldier Boy are talking about it, and as are many other celebrities,” she says. “This is a way to merge our worlds together. The crypto people want to be in our world, because we get the word out and drive up the price, and we want knowledge about their world. That works on the Gemini side. It’s all about communication between the two worlds, and every day is a new lesson.”
Anthony a charmer who relishes studying new worlds, then conquering them. In entertainment, she’s working towards decathlon status, and her enthusiasm, like that of the Musks and Winklevosses, makes Bitcoin sound irresistible. But keep in mind that La La’s passion has enticed her to put only a sliver of her wealth in cryptocurrencies. Maybe that’s the overriding lesson from this great diva’s new adventure.