Mad Money host, Jim Cramer has bought more Bitcoin after the price recently dipped towards $17,000.
Cramer, well known for flip flopping his Bitcoin opinion was speaking on TheStreet on Friday 11 December, when he admitted to making his second known purchase of Bitcoin.
The Squawk on The Street host didn’t disclose the exact amount of Bitcoin he bought, but did say it wasn’t a massive position for him.
Coincidently, someone tweeted the Mad Money host the same day asking, ‘Bitcoin not so good today?’ To which Cramer said, ‘I think I will buy some.’
True to his word, Cramer revealed during TheStreet interview that he had made his second Bitcoin purchase, to help further ‘diversify his portfolio and balance it’ among many different assets.
‘Bitcoin is off nicely from the top. I like to buy something that’s off nicely from the top,’ added the Mad Money host. ‘$17,0000 seemed like a decent level, and I will buy, like I usually do, as something comes down. I’ll get bigger and bigger and bigger.’
‘I just think that you want to diversify into all sorts of asset classes,’ said Jim Cramer. ‘I have gold. I’m going to diversify into some Bitcoin. Not a big position for me, but it’s certainly important to be diversified, and Bitcoin is an asset and I want to have a balance of assets.’
Jim Cramer – Now a True Bitcoiner
Jim Cramer has done a complete about turn on his Bitcoin stance, as most people have. The outspoken CNBC host regularly criticized Bitcoin in the past.
The Mad Money host once called Bitcoin the ‘outlaw currency’ after falling into the ‘money for drug dealers’ narrative.
As far back as 2017, Cramer said the Bitcoin price could reach $1 million, but the Squawk Box host wasn’t eulogising about Bitcoin’s sound money features for his predictions. Instead, Cramer the $1 million Bitcoin was likely because it was the best way to pay for cybercriminals and that the ‘European banks are frantically trying to buy them so they can pay off ransomware.’
And back when Bitcoin fell below $6,000 in 2018, Cramer said the ‘tide had turned against it’ and although he said it could bounce back ‘the sun seemed to be setting’ on Bitcoin.
This year, like many savvy investors, Cramer finally saw the light, and after a discussion with Pomp, the Mad Money host finally made his first Bitcoin purchase.
In the interview on the Pomp Podcast, Cramer labelled himself a gold bug, because he said he had so much of it. However, the Mad Money host admitted Bitcoin was peaking his interest, because he sees it as the asset that will likely make him money.
‘I am fixated on needing to own crypto, because I fear a massive amount of inflation, and I don’t have any,’ said Cramer. ‘Gold will do okay, the houses will do okay, those will keep me running in place. The idea of actually making money, well holy cow, I’ll take a shot at that with 1%.’
Mad Money Host Jim Cramer Doubles Down On Bitcoin Purchase
It’s unclear how Bitcoin Jim Cramer has, but we can believe the popular Mad Money host has at least 1% portfolio exposure.
It’s his second dip into the Bitcoin market, and buying Bitcoin at around $17,000 is a huge boost to the confidence for the Bitcoin market.
Cramer is a well-known former hedge fund manager, who can see where the Bitcoin price is heading. He has gone from a Bitcoin sceptic to true Bitcoiner in the matter of months, and his influence can’t be overstated.
With large institutional money now entering the Bitcoin market, and the governments not looking to ease up with the printing free cash, it looks like Jim Cramer’s decision to buy Bitcoin, might turn out to be his wisest move yet.
Author: Tommy Limpitlaw
Can I start Bitcoin with no money?
Absolutely! Bitcoin is like other investments and currencies. If you have some money to invest, you can make more faster. You can lose more faster, as well if you don’t know what you’re doing. But if you don’t have any money to invest you can earn free bitcoins from playing games, learning about cryptocurrencies, or offering your skills for Bitcoin.
Who is the CEO of Bitcoin?
There is no CEO. There is no central authority that directs or controls Bitcoin. It was created by a pseudonymous programmer Satoshi Nakamoto, but he gave it up to the community, and now all decisions are made by the hundreds of thousands of miners and nodes who work for the Bitcoin network.
Is Bitcoin legal everywhere?
As of December 2020, Bitcoin is legal in most countries. The US, UK, Canada, Japan, and all other developed nations it is very much legal. However, the legal status of Bitcoin varies in other jurisdictions.
Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.