In a recent release, Jim Cramer called Bitcoin an effective means of hedging financial risks in connection with the rapid increase in US national debt, which has already exceeded $36 trillion. The commentator admitted that he has long liked cryptocurrencies because many investors want to buy something that can protect them from the collapse of the US government’s budget. The Mad Money host admitted that he owns cryptocurrency.
“I think Bitcoin, Ethereum and perhaps some other cryptocurrencies deserve a place in an investment portfolio. Maybe one day, if the cash flow deficit is brought under control, I will change my position,” Cramer said.
Last week, as Bitcoin reached a new peak above $99,000, Cramer urged the public to buy the first cryptocurrency, calling it a winner. However, a few days later, the Bitcoin rate fell by 5%, to $93,000.
Jim Cramer has become a “walking meme” due to his investment advice, which, according to many crypto enthusiasts, usually turns out to be the exact opposite. In response, Jim Cramer’s inverse exchange-traded fund (ETF) was even launched to provide results opposite to those of the assets he recommended. However, this fund did not last long. The show’s host noted that there will always be people who want to make fun of him for something he said or did wrong 10, 15 or 20 years ago.
“I have been recommending investments in gold and cryptocurrency for several years now. Both of these assets are at or near all-time highs, but I still get criticized,” Cramer said.
In May, Cramer revealed that he owns ether, calling it a good means of preserving capital. At the beginning of the year, a financial adviser said that Bitcoin will always be in demand among traders, especially after the advent of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Source: Bits

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