Jim Cramer Bought Bitcoin While ‘Off Nicely From The Top’ In $17,000s

The CNBC host said his Bitcoin portfolio could get “bigger and bigger and bigger.” Jim Cramer Bought Bitcoin While ‘Off Nicely From The Top’ In $17,000S

Jim Cramer Bought Bitcoin While 'Off Nicely From The Top' In $17,000S

Three months after seemingly changing course on crypto, the outspoken host of CNBC’s Mad Money is claiming he made a well-timed Bitcoin investment on Friday.

Jim Cramer Bought Bitcoin While 'Off Nicely From The Top' In $17,000S

In an interview with TheStreet, Jim Cramer says he purchased Bitcoin (BTC) Friday morning when the price dipped under $18,000. The Mad Money host added he was treating the crypto asset as any other investment in a diverse portfolio.

“I will buy — like I usually do — as something comes down,” said Cramer. “I’ll get bigger and bigger and bigger. I just think that you want to diversify into all sorts of asset classes. I have gold. I’m going to diversify into some Bitcoin — not a big position for me — but it’s certainly important to be diversified, and Bitcoin is an asset and I want to have a balance of assets.”

I Think I Will Buy Some https://t.co/RjcBFQLCcg

— Jim Cramer (@jimcramer) December 11, 2020

Cramer said he believed the price of Bitcoin might “come down again” given its volatile history. However, he personally saw the $17,000s — the price when he claimed to purchase more BTC — as a “decent level”:

“[Bitcoin] is off nicely from the top. I like to buy something that’s off nicely from the top.”

Jim Cramer Bought Bitcoin While 'Off Nicely From The Top' In $17,000S

The CNBC host was once an outspoken Bitcoin critic prior to the 2017 boom, saying that the crypto asset was going to “run out of steam. However, since being a guest on Bitcoin bull Anthony “Pomp” Pompliano’s podcast in September, Cramer has said he might invest 1% of his portfolio in Bitcoin.

The price of Bitcoin is $19,192 at the time of publication, having risen 2.6% in the last 24 hours.

Jim Cramer Bought Bitcoin While 'Off Nicely From The Top' In $17,000S

Updated: 1-23-2021

Jim Cramer Tells $731M Powerball Winner To Put 5% In Bitcoin

The “Mad Money” host picked bitcoin as one of his hedges against the specter of hyperinflation.

Stock-picking personality Jim Cramer recommended the unknown Maryland-based winner of Wednesday’s $731 million Powerball jackpot allocate 5% of his or her newfound fortune in bitcoin.

“You know what, if you won the lottery – Yes, I’m gonna say it: 5% in bitcoin,” Cramer said Thursday night on his Mad Money program.

His investment advice, of course, came with a few caveats: Don’t buy the bitcoin all at once, don’t buy it on the weekend. “Crypto could be incredibly volatile,” he said on the day bitcoin (BTC, -3.58%) tanked 13%.

Cramer identified bitcoin as an “important new store of value.”

His words echoed the philosophy preached by MicroStrategy CEO Michael Saylor, the tech executive with well over $1 billion of corporate cash plunked into bitcoin. Saylor has called bitcoin humanity’s ideal value storage mechanism.

Cramer, who owns bitcoin, is not exactly a Saylor-like disciple of the cryptocurrency some have claimed is tantamount to a religion. Cramer has expressed concerns over market anonymity and erratic trading on his CNBC show in the past.

Cramer framed his recommendations, which also included allocations in art, real estate and physical gold alongside more mainstream plays like stocks and bonds, as tailored for a super-rich investor in a world where hyperinflation reigns.

“If you’re already rich, you have to worry about inflation the same way Superman worries about Kryptonite. Because it’s the only thing that can really wipe you out. And given the way we’re spending like drunken sailors in this country, it may be an issue,” said Cramer.

Updated: 2-9-2021

Jim Cramer Thinks ‘Every’ Corporate Treasurer Should Be Thinking Bitcoin

The CNBC host said it’s almost irresponsible not to include bitcoin on balance sheets following Tesla’s buy.

CNBC personality Jim Cramer has turned bullish on bitcoin balance sheets in the wake of Tesla’s $1.5 billion buy.

* “I think it’s almost irresponsible not to include” bitcoin on corporate balance sheets, Cramer said on CNBC Tuesday.

* “Every treasurer should be going to boards of directors and saying, ‘Should we put a small portion of our cash in bitcoin?’ It seems to be an interesting way to hedge against the rest of the environment,” he said.

* “I think it’s an alternative to having cash position where you make absolutely nothing,” Cramer said. The verdict on bitcoin: “Nice hedge against fiat currency.”

* Cramer has previously endorsed MicroStrategy’s bitcoin treasury reserve. He called CEO Michael Saylor a “gunner” he wouldn’t bet against during a mid-January episode of “Mad Money.”

* Cramer, who said he owns bitcoin, has previously advocated for the cryptocurrency as a hedging instrument.

Updated: 2-25-2021

Jim Cramer Thinks Gamestop Should Convert Its Stores Into Crypto Info Centers

The Mad Money host proposed that the company’s brick-and-mortar shops could become “crypto-information palaces” in which gamers could buy and sell cryptocurrencies.

With GameStop’s stock more than doubling in price over the last two days, CNBC’s Jim Cramer is proposing the brick-and-mortar company change its business model to be more inclusive of cryptocurrencies.

Speaking on CNBC’s Squawk Box today, the Mad Money host suggested that he had a plan to “justify the stock price” of GameStop. At the time of publication, the price of GME is $131.17 — an increase of more than 175% in the last 24 hours after weeks of sideways action. In addition to following the example of Tesla, which purchased $1.5 billion Bitcoin (BTC), Cramer proposed GameStop mimic Square and PayPal by becoming “a dealer in crypto.”

“If GameStop were to turn itself into a 5,000-store introduction to crypto […] make it so that’s an international gaming place where you win Bitcoin, I think you can justify the stock price,” said Cramer.

The Mad Money host suggested that all GameStop locations — 3,447 as of January — could convert to “crypto-information palaces” in which the company would allow players to buy and sell cryptocurrencies in addition to offering them as gaming rewards. He added that GameStop’s largest investor, Chewy CEO Ryan Cohen, could convince the board of directors to purchase $1 billion to $2 billion worth of BTC.

Ryan Cohen tells the board to sell 10 million shares of Gamestop at $200 and buys Bitcoin and says Gamestop is now a Bitcoin store that also sells games. Bingo! There’s the plan. I bet the cfo said no to the Bitcoin plan. Bitstop? Gamebit? Gamecoin?

— Jim Cramer (@jimcramer) February 25, 2021

It is somewhat unusual for investors or advisors to propose that a company change its business model to justify a stock price. However, GameStop is no longer a typical brick-and-mortar company.

Retail investors from Reddit drove the GME stock price up last month in an attempt to short squeeze hedge fund bets. The result of these actions kept the gaming store at the front of financial news for a number of weeks. On Feb. 18, the CEO of trading platform Robinhood, along with representatives from Reddit and the hedge fund Citadel, spoke at a House Financial Services Committee concerning the GameStop trades.

Jim Cramer Tells GameStop To Buy Bitcoin Amid Latest Stock Surge

Cramer’s comments came as GameStop shares spiked 100% in late trading.

CNBC-TV host Jim Cramer thinks videogame retailer GameStop (GME) – the firm at the heart of the recent WallStreetBets-led retail trading frenzy – should buy bitcoin.

With GameStop shares up by 100% and closing at $91.71 in the final hours of trading on Wednesday, Cramer tweeted: “GME–issue one billion dollars in stock, Buy one billion in bitcoin and watch your stock go to $430…”

MicroStrategy, Square, Tesla and others have recently been buying bitcoin as a hedge against inflation and a devaluing dollar. Cramer previously endorsed MicroStrategy’s bitcoin treasury reserve and said he wouldn’t bet against CEO Michael Saylor, whom he called a “gunner.”

Earlier this month, GameStop’s stock price rose sharply as groups of retail traders led by Reddit group r/WallStreetBets bought its stock and others that were being shorted by hedge funds. When the Reddit group started buying, the stocks went up and some short sellers lost billions of dollars. On Tuesday, it emerged that GameStop CFO Jim Bell – referenced in Cramer’s tweet – had resigned for reasons not disclosed by the company.

In another tweet over the latest GME price rise, Cramer added, “This is so wild west […] The SEC must be having a fit!!!”

Updated: 3-23-2021

Bitcoin Made Me A ‘Ton Of Money’ Unlike Stocks And Gold — Jim Cramer

The CNBC host publicly thanks Anthony Pompliano after he made serious returns on a $500,000 BTC investment.

CNBC host Jim Cramer has revealed he made “a ton of money” on Bitcoin (BTC) but gold “let him down.”

In an episode of the Pomp Podcast released March 22, Cramer thanked host Anthony Pompliano for inspiring him to invest $500,000 in BTC.

Cramer After Bitcoin Buy: “Thank You”

“Here’s what’s going on: you made me a ton of money,” he began.

Cramer is well known as a mainstream media finance pundit, and is also familiar to Bitcoiners after a previous Pomp Podcast appearance in September 2020. His latest outing, however, puts him in pole position among CNBC presenters when it comes to being bullish on Bitcoin.

Continuing, he said that unlike with his experience with buying gold and stocks, Bitcoin actually delivered.

“It happened just as you said,” he told Pompliano.

“It also happened much faster than you said, but I’m very grateful — and you know who else is grateful? My kids.”

Turning to gold, Cramer updated advice that he claimed to have espoused for almost 30 years. Instead of allocating 10% of one’s portfolio to the precious metal, he revealed for the first time that this should now be 5% gold and 5% Bitcoin.

“When I got not schooled but taught by Pomp, I said, ‘What am I doing not protecting myself in what I’ve been saying to people could be hyperinflation?'” he recalled.

While he did not state exactly how much money he had made from his initial investment of around $500,000, the timing suggests that his stash is now worth approximately $2.4 million.

Earlier this week, even Fed Chair Jerome Powell described Bitcoin as a “substitute for gold” while stating that it did not challenge the U.S. dollar.

Stronger Hands Win Out

Cramer is still a somewhat small-volume hodler compared to many Bitcoin investors who entered at much lower prices. As Cointelegraph reported, however, these whales have become increasingly weak-handed in recent times, selling into every major price rise this year.

The results continue to be seen in the form of spurts and lengthy consolidations for BTC/USD, a pattern which itself has sparked familiar accusations of volatility and unreliability from naysayers.

Proponents nonetheless cite on-chain data as evidence that the upside is not yet over, with popular estimates for the average price in 2021 running as high as $288,000.

If nothing else, that would make Cramer’s hoard worth around $12 million.

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Jim Cramer Bought Bitcoin While ‘Off Nicely From The Top’ In $17,000s

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