Jim Cramer, the host of Mad Money and the co-founder of The Street, bought some Bitcoin in order to continue to increase his holdings. He explained his buying strategy and said that there is no reason not to wait for the price of Bitcoin to fall again.
Jim Cramer bought Bitcoin
Jim 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. He responded to comments about the fall in Bitcoin prices on Twitter on Friday. He wrote: “I think I will buy some.”
A few hours later, Kramer confirmed on Thestreet that he had purchased Bitcoin. He then explained that he had bought this cryptocurrency at the time because the price of Bitcoin had just fallen back to the level of $17,000. “This is a pretty good level,” the host of “Crazy Money” added:
I will buy as usual. As things develop, I will get bigger and bigger. I just think you want to diversify into various asset classes.
“I have gold,” he continued. “I want to diversify and develop some bitcoins. This is not a big position for me, but diversification is very important. Bitcoin is an asset and I want to have an asset balance.”
In response to questions about how investors will start investing in Bitcoin, Kramer said:
You only need to understand the history of it running and then falling. It has too much money and the temperature is too high, so there is no reason not to wait for it to drop again.
When he bought bitcoin on Friday morning, he said that the price of cryptocurrency was “good from the top, and I like to go to the special price from the top.”
Kramer said in September that he was considering buying Bitcoin because he was worried about “a lot of inflation.” He is also worried about leaving inheritance rights to his children, emphasizing that they will not be satisfied with gold but with cryptocurrencies.
What do you think of Jim Cramer’s Bitcoin buying strategy? Let us know in the comments section below.
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