Jim Cramer, the host of CNBC’s Mad Money and founder of financial news site TheStreet, explained in an interview on his news site why he chose to invest in Bitcoin.
“You want to diversify into all sorts of asset classes,” said Cramer, who did not disclose the size of his investment.
“It’s 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,” he said.
For hesitant investors, Cramer said “there’s ample literature” about Bitcoin, but that the history of Bitcoin’s volatility tells its own story.
“It got too much money; it got too hot”, said Cramer about Bitcoin’s initial rise in 2017, which preceded a huge crash at the start of 2018, so “there’s no reason not to wait for it to come down again.”
So, why did he buy Bitcoin near its top, at about $17,000? “I like to buy something, so I’ll buy it from the top,” he said. Cramer said his strategy was the usual: “as something comes down, I’ll get bigger and bigger and bigger,” he said.
Since Cramer’s investment, Bitcoin has risen to $19,195, a 3.72% increase in the past 24 hours. Bitcoin is the largest cryptocurrency by market capitalization.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Energy storage company KULR Technology Group has bought an additional $9 million Bitcoin for its corporate treasury, the company announced Tuesday, part of a recent surge of companies that have been building treasuries of the digital asset.
Publicly traded KULR, which has headquarters in Houston, now holds 800.3 tokens worth about $85 million, based on current pricing.
The company bought its latest Bitcoin at an average price of $103,234 per token. Bitcoin was recently trading at roughly $106...
The founder of online news publication TechCrunch has claimed that Coinbase’s recent data breach “will lead to people dying,” amid a wave of kidnap attempts targeting high-net-worth crypto holders.
TechCrunch founder and venture capitalist Michael Arrington added that this should be a point of reflection for regulators to re-think the importance of know-your-customer (KYC), a process that requires users to confirm their identity to a platform. He also called for prison time for executives that f...
Kevin O’Leary responded Monday to U.S. Senator Elizabeth Warren's (D-MA) latest attacks on the Senate’s stablecoin bill, rejecting her claims as “completely deranged” and warning that politicizing the legislation could undermine the U.S.’s position in global finance.
“She’s confusing politics with progress, and this time, it could cost America dearly,” the Shark Tank investor and entrepreneur tweeted Monday. He added that, “This bill has nothing to do with Trump or meme coins.”
Elizabeth Warre...