Mad Money Host Jim Cramer: Pay Me In Bitcoin
The CNBC host was interviewed on Squawk Box and asked whether he would start accepting his salary in Bitcoin.
‘Yes absolutely,’ replied Cramer. ‘I think it is a store hold of value. I think this is a $2 trillion market cap maybe going to $3 trillion. But purely as Bitcoin? Without any conversion to Fiat? Absolutely. As a matter of fact, I may demand it.’
Jim Cramer was as riotous as ever during the episode, but took to Twitter afterwards to verify his position when he simply tweeted, ‘pay me in bitcoin!!’
Cramer’s demands to be paid in Bitcoin resonate with NFL star Russell Okung, who recently started receiving half of his salary in Bitcoin, and NBA franchise Sacramento Kings starting to offer their staff the option of being paid in Bitcoin.
Jim Cramer Hasn’t Always Been Pro-Bitcoin
The co-founder of The Street hasn’t always been pro-Bitcoin, however. Back in 2017, Cramer called Bitcoin suspicious because it lacked transparency and government backing.
And during the 2018 bear market, Cramer said the tide had turned against Bitcoin and although he said it could bounce back he thought ‘the sun seemed to be setting’ on it.
After seeing it rise from the overnight crash to $4,500 in March 2020, Jim Cramer started to get bullish on Bitcoin after going on the Pomp Podcast in September 2020, where Anthony Pompliano educated him in all things Bitcoin.
And the former gold bug now insists Bitcoin should be part of any portfolio, along with gold. Although his love affair with the shiny yellow metal seems to be deteriorating.
Gold Has Let Jim Cramer Down
Jim Cramer has long been a gold bug, but after discovering and learning about Bitcoin he quickly realised Bitcoin is much more useful than gold.
Since then the Mad Money host has been more vocal than most, something that comes natural to Jim Cramer, but the former gold bug has been on the Pomp Podcast again recently saying gold had let him down.
‘I have, for years, said that you should have gold… but gold let me down. Gold is subject to too many vicissitudes. It’s subject to mining issues. It’s frankly subject to failing in many cases,’ said Cramer.
The Mad Money host has always said investors should hold a 10% gold allocation in any portfolio, but he now says ‘5% in gold, 5% in Bitcoin’ would be the perfect portfolio sizing.
‘If they listen to me, they’re going to drop half their gold,’ said Cramer. ‘I’ve been saying 10% in gold since 1983. And now I say 5% in gold, 5% in Bitcoin.’
Paid In Bitcoin, Why Not Gold?
Jim Cramer might really demand his salary in Bitcoin one day, but the long-time gold bug has never seriously considered gold as his monthly income.
Gold has done well for thousands of years at being a store of value, but as form of payment it isn’t fungible or liquid.
Bitcoin is digital money in the Digital Age. It needs no third party verification and with payment layers built on top of Bitcoin it makes sending and receiving BTC instantaneous and pretty much free of charge.
Gold is nice and has uses, but in 5000 years it hasn’t managed to bank the underprivileged, and fails at many things Bitcoin excels in.
Being paid in gold has never really been an option for hundreds of years. Being paid in Bitcoin seems to becoming a very common occurrence.