Mad Money is a popular show on CNBC and its host, Jim Cramer, changed his perspective regarding cryptocurrencies nearly three months ago or so. The outspoken host disclosed on Friday that he had made an investment in the world’s first cryptocurrency, Bitcoin, and he claimed that his investment was quite well-timed. During an interview with The Street, Cramer said that he had bought Bitcoin on Friday, after the prices had fallen from the $18,000 range. As of now, the TV show host said that he was treating Bitcoin in the same way as he does the others that are part of his diverse portfolio.
Cramer disclosed in the interview that his typical strategy is to purchase assets as they go down, and then he watches as their price moves up once again. Another tactic that he favors is the diversification of the asset classes that people invest in. He highlighted that he had already invested in gold and now he had also added Bitcoin to his portfolio, but he hadn’t put in a large amount as per his standards. Even so, Cramer said that diversification was a must and that he plans on using Bitcoin for this purpose.
The host also went on record to claim that he believes there is a good chance of the price going back down once more, referring to the highly volatile history that the crypto has had. Even so, he said that his own decision to buy Bitcoin at a price range of $17,000 had been a decent one. In fact, he went as far as describing the price level as ‘nicely off the top’ and said that this is the range where he prefers to purchase all his assets. Cramer is the ideal example of people who have changed their sentiments in regard to Bitcoin.
Before the great boom in the crypto space that had occurred back in 2017, Cramer had been a public critic of Bitcoin. At that time, he had believed that the crypto industry would just run out of steam and it would just be one of those fads that come and go, meaning that it wouldn’t rise back again. However, things changed for him when he attended the podcast of a renowned crypto bull, Anthony ‘Pomp’ Pompliano as a guest. That’s when Cramer had changed his stance and stated that he could invest 1% of his investment portfolio into Bitcoin.
Currently, Bitcoin has already gone past the range of $19,000 and is well on its way to break past its all-time high. A lot of people believe that the pioneer cryptocurrency would be able to reach the $20,000 mark before the year closes and others believe that Bitcoin could actually hit the $100,000 in the next year. No matter what happens, it is quite apparent that the crypto space has caught the eye of a lot of financial players and there are only a few adamant naysayers who are still speaking out against it even now.