CNBC’s Mad Money host Jim Cramer is taking profits on his Bitcoin investment last year.
“I decided to become a cheater. I bought a lot of bitcoin for $ 12,000, ”he announced on the air. “I know people will be mad at me, but I just paid them for the mortgage.”
The presenter did not specify exactly how many bitcoins he sold and how much he earned on it, only noting that it was half of his assets in cryptocurrency. Last month, he said that he invested about $ 500,000. Over time, his position has grown approximately to $ 2.4 million. He decided to buy after talking with the co-founder of Morgan Creek Digital Anthony Pompliano last September and even admitted that he could invest up to 1% of their fortune, the size of which is estimated at $ 100-150 million.
Bitcoin this week climbed to new highs just below $ 65,000 and has since pulled back to $ 61,000. Kramer said the cryptocurrency chart naturally pushed him to sell. The main takeaway for the former Goldman Sachs broker from this experience is that the “fake money” allowed him to pay for what ordinary people pay “real” for.
“I now have a house, completely and completely, because I bought this currency. I think I won, ”he added.
Kramer talked about his investments in bitcoin in December 2020, talking about the importance of portfolio diversification and increasing his own position at a rate of about $ 17,000. After Tesla’s investment of $ 1.5 billion, the presenter said that it is now “almost irresponsible” for companies not to include bitcoin in their reserves. He, however, cautions against large investments and believes that cryptocurrency should be “part of the puzzle.”
During the last broadcast, Kramer also confirmed that he still believes Coinbase’s $ 600 valuation is correct.
“It’s all about rarity. We don’t have any other way by which open-ended mutual funds could enter the cryptocurrency market, ”he said, adding that by buying Coinbase shares, market participants are betting not only on the future of cryptocurrencies, but also on“ honest managers “.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
