Former hedge fund manager James Cramer has intensified his support for Bitcoin
The last four months have seen a rise in the adoption rate of Bitcoin and cryptocurrency in general. Many renowned Wall Street figures have joined the Bitcoin bandwagon. Billionaire hedge fund manager Paul Tudor Jones was among the first to publicise his interest in crypto from the Wall Street side.
At the beginning of the year, he disclosed he was betting on cryptocurrency to come out at the top in the current macro environment. Since then, other high profile names like Anthony Scaramucci and Stanley Druckenmiller have followed suit to give their views on cryptocurrency.
The latest name to join the list is Jim Cramer, who recently threw his weight behind Bitcoin. Cramer retired from active finance and moved into television some years ago. He has hosted the Mad Money program on CNBC since 2005. Cramer is also the co-founder of The Street, where he recently spoke, revealing that he was looking to make his Bitcoin portfolio bigger.
In his interview with his outlet The Street, the outspoken host revealed he bought Bitcoin on Friday following a Bitcoin slump that saw prices drop below $18,000. Cramer explained that, to him, Bitcoin was just like any other investment option in his portfolio.
“I will buy — like I usually do — as something comes down,” he said. “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.”
He also believes that Bitcoin’s price may decline again, considering it is a volatile asset. He defended his decision to purchase Bitcoin, saying he felt the price drop to around $17,000 was a dip to a ‘decent level.’
“[Bitcoin] is off nicely from the top. I like to buy something that’s off nicely from the top.”
Back in September, Cramer was a guest on the podcast of Morgan Creek’s founder Anthony Pompliano. In the interview, Cramer said he would consider allocating 1% of his portfolio to Bitcoin.