Jim Cramer, an American television personality, argued that cryptocurrency has a long-term benefit because they are decentralized assets and could become mainstream in the future. He recommended that investors focus on Ethereum and Bitcoin as they are the most popular and legitimate.
Cramer’s latest crypto advice
Jim Cramer, host of CNBC’s Mad Money, said that he is a “believer in digital assets” and that he has a particular interest in Ethereum and Bitcoin. Many investors have embraced the two biggest cryptocurrencies in terms of market capitalization and they seem to have most merits, he stated.
Cramer also had to buy some Ethereum funds to place an NFT order.
“I cannot tell you not own crypto. I have Ethereum. They wouldn’t allow me to do dollars. It was impossible to purchase it in dollars so I did some research and found that it has some of the qualities I enjoy.
He is positive about cryptocurrency but believes they should not be more than 5% in one’s portfolio. They can be an investment in speculation, but many investors make profit from their price swings.
Cramer advised people not to borrow money to get into the crypto market, as this asset class is very different from the majority of products.
Borrow for your home, but not for crypto. It shouldn’t be in the Procter & Gamble Class. It is not Coca-Cola and it is not Apple.
Jim Cramer, Source: CNBC
His Past Crypto Visions
Cramer has been very indecisive about his crypto stance over the past few years. Cramer described bitcoin in November 2020 as a “great option” to gold. This surprise statement was surprising considering that Cramer had previously positioned himself as a strong proponent of gold and called BTC an “outlaw cryptocurrency.”
The price of the digital asset plunged dramatically a month later and the American took the opportunity to increase his crypto holdings. He said that his position was not a large one, but it was important to diversify.
Cramer declared that he would like to receive his salary in Bitcoin, and he doubled down on his bullish views last April. He claimed that he believed it was a strong hold on value back then.
However, he did a U-turn several months later. He maintained that the cryptocurrency market is full of “greater fools” and also stated that he hadn’t invested any of his wealth in the market due to inflationary reasons. He was actually “simply gambling.”
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