Here we demonstrate electric-field induced magnetic anisotropy in a multiferroic composite containing nickel nanocrystals strain coupled to a piezoelectric substrate. This system can be switched between a superparamagnetic state and a single-domain ferromagnetic state at room temperature. The nanocrystals show a shift in the blocking temperature of 40 K upon electric poling. We believe this is the first example of a system where an electric field can be used to switch on and off a permanent magnetic moment.