CNBC’s Mad Money host Jim Cramer explains in an interview why he chose to invest in Bitcoin.
“You want to diversify into all sorts of asset classes,” said Cramer, who hasn’t disclosed 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 added.
For the uncertain investors, Cramer stated that “there’s ample literature” about Bitcoin, but it is the history of Bitcoin’s volatility that tells its own story.
Cramer’s influencers are Morgan Creek Digital co-founder Anthony “Pomp” Pompliano and Jason Sexton, who posted “Buy Bitcoin!!!”
“It got too much money; it got too hot”, said Cramer talking about Bitcoin’s initial rise in 2017, which followed by a massive crash by the start of 2018, so “there’s no reason not to wait for it to come down again.”
Why did he buy Bitcoin near its ATH, about $17,000? “I like to buy something, so I’ll buy it from the top,” he stated. Cramer said his tactic was the usual: “as something comes down, I’ll get bigger and bigger and bigger,” he said.
Since Cramer’s venture, Bitcoin has risen to $19,195, a 3.72% increase in the past 24 hours. Bitcoin is the biggest cryptocurrency by market capitalization.
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