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Crazy currency host Jim Cramer is a long-time supporter of gold, and he said that gold has disappointed him. He is increasingly optimistic about Bitcoin and recommends that investors put 5% of his investment portfolio in cryptocurrencies to protect their assets.
In an interview with Morgan Creek Digital partner Anthony Pompliano on Monday, Jim Cramer talked about his new investment strategy for Bitcoin and gold. Cramer is the host of CNBC’s “Crazy Money”, a former hedge fund manager, and co-founder of Thestreet.com, a financial news and literacy website.
Cramer emphasized that Bitcoin is what he has been looking for with gold. He believes:
For many years, I have said that you should own gold… but gold has let me down. Gold has endured too many vicissitudes. It is subject to mining problems. Frankly speaking, it will fail in many cases.
After Pompliano explained to him the benefits of cryptocurrency in September last year, the Mad Money host became interested in Bitcoin. At the time, Cramer revealed that he had “so much gold.” Fearing inflation, he was fixed by BTC, and then he invested in cryptocurrency. He explained that his investment strategy is to treat “Bitcoin as a precious stock.”
Then ask Kramer if he expects other investors to dump gold and buy Bitcoin in the way he said. The crazy money host exclaimed:
If they listen to me, they will lose half of their money. Since 1983, I have been talking about 10% gold. Now I say 5% gold and 5% Bitcoin.
He clarified that until recently, he had considered investing 5% of his portfolio in Bitcoin, claiming that he had “thoroughly studied” the subject of this proposal. He admitted that he was skeptical because he did a good job with his gold, but now realizes that as far as insurance is concerned, the only way to protect his assets is to use Bitcoin.
Would you accept Jim Cramer’s advice on Bitcoin? Let us know in the comments section below.
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