Jim Cramer Admits to Being a BTC Owner
During the chat, he commented that the days of keeping hordes of cash in the bank are coming to an end. While he still believes fiat has some value, he says that simply keeping it in a savings account somewhere isn’t going to do much for people. These accounts don’t lead to growth and do little to nothing for clients.
However, he believes that bitcoin is becoming a stronger investment choice. He states:
I own bitcoin. I’ve owned it for some time. It’s an alternative to a cash position where you make absolutely nothing. As a means of having a pastiche of things that you should use your cash with, I’m all for it. I think it’s almost irresponsible not to include [bitcoin].
This is interesting considering that Cramer hasn’t always been the world’s biggest bitcoin fan. While he’s never been against it, he’s commented in the past that bitcoin was “a little inflated.” He also seemed to take issue with the idea that so many analysts and industry experts were claiming that the currency could potentially strike the $100,000 chord.
However, as time has gone by, many people seem to share Cramer’s idea that physical cash doesn’t represent wealth anymore. Ever since the coronavirus pandemic struck our global economy, assets such as the U.S. dollar have been experiencing major drawbacks and inflation. While the dollar is still used, it doesn’t mean as much in traders’ eyes.
Bitcoin, by contrast, has been viewed as a major force for good during the past few months. It has lost its speculative nature somewhat, and while it’s still not crossing “payment method” lines, it is now being viewed as a hedge tool or store of wealth by individuals across the globe. Thus, institutional players such as MicroStrategy and more recently Tesla have invested billions of dollars into the asset and caused it to reach a new all-time high of roughly $47,000 per unit at the time of writing.
In recent months, Cramer has commented that bitcoin is “exciting,” and that he was potentially looking into purchasing some in the coming future. He later specified that he was looking into buying BTC when it fell back below $18,000. This was a few months ago in 2020.
Other Assets Are Also Surging
Not long after, he confirmed with his fans that he had, indeed, purchased bitcoin, though individuals were not made privy to how much or at what price.
Other assets have experienced positive breakthroughs thanks to bitcoin’s newfound status. Ethereum, for example, is also trading at a new all-time high of just under $1,800 per coin.
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Author: Nick Marinoff