Three months after appearing to change course on crypto, Mad Money host CNBC claims it made a well-timed Bitcoin investment on Friday.
In an interview with TheStreet, Jim Cramer says he bought Bitcoin (BTC) Friday morning when the price dropped below $ 18,000. The Mad Money host added that he treats the crypto asset like any other investment in a diversified portfolio.
“I’ll buy – as I usually do – as something comes down,” Cramer said. “I’ll get bigger and bigger and bigger. I believe 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 deal for me – but it’s certainly important to be diversified, and Bitcoin is an asset and I want a balance of assets. “
think i will buy some https://t.co/RjcBFQLCcg
– Jim Cramer (@jimcramer) December 11, 2020
Cramer said he believed the price of Bitcoin could “come down again” given its volatile history. However, he personally saw the $ 17,000s – the price when he claimed to buy more BTC – as “a decent level”:
“[Bitcoin] off nice from the top. I like to buy something that is nice off the top. “
At one point a CNBC host was a jaw-dropping critic of Bitcoin ahead of the 2017 boom, saying 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 could invest 1% of his portfolio in Bitcoin.
Bitcoin is priced at $ 19,192 at the time of publication, having risen 2.6% in the last 24 hours.