Three months after seemingly changing course on crypto, the outspoken host of CNBC’s Mad Money is claiming he made a well-timed Bitcoin investment on Friday.
In an interview with TheStreet, Jim Cramer says he purchased Bitcoin (BTC) Friday morning when the price dipped under $18,000. The Mad Money host added he was treating the crypto asset as any other investment in a diverse portfolio.
“I will buy — like I usually do — as something comes down," said Cramer. "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."
i think i will buy some https://t.co/RjcBFQLCcg— Jim Cramer (@jimcramer) December 11, 2020
Cramer said he believed the price of Bitcoin might “come down again” given its volatile history. However, he personally saw the $17,000s — the price when he claimed to purchase more BTC — as a "decent level":
"[Bitcoin] is off nicely from the top. I like to buy something that’s off nicely from the top."
The CNBC host was once an outspoken Bitcoin critic prior to the 2017 boom, saying that the crypto asset was going to “run out of steam. However, since being a guest on Bitcoin bull Anthony “Pomp” Pompliano’s podcast in September, Cramer has said he might invest 1% of his portfolio in Bitcoin.
The price of Bitcoin is $19,192 at the time of publication, having risen 2.6% in the last 24 hours.