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CNBC’s Jim Cramer said on Tuesday that he owns bitcoin and sees it as one of the many investment choices instead of parking large sums of money in cash, which in today’s rate environment is d low interest, hardly pays anything.
“I have bitcoin. I have had it for a while,” Cramer said on “Squawk Box”. “It’s an alternative to a cash position, where you earn absolutely nothing.”
“To have a pastiche of things you should be spending your money with, I totally agree. I think it’s almost irresponsible not to include,” bitcoin, Cramer added, saying he also considered bitcoin, like gold, as a store of value and protection against inflation.
‘Mad Money’ host spoke from his personal take on bitcoin while reacting to Tesla’s revelation on Monday that the electric carmaker has invested $ 1.5 billion in bitcoin and plans to accept it as a method of payment.
Bitcoin early Tuesday climbed to a record high of over $ 48,000 before coupling some of those gains as the purchase continued a day after Elon Musk’s announcement of his investment by Tesla, the latest evidence of the institutional interest in the world’s largest cryptocurrency.
“Bitcoin is exciting,” Cramer said. But he informed investors that it would be a good idea to hedge positions in the digital coin as it is so volatile and there are not many sellers at the moment.
Cramer called bitcoin “a little bloated” but pointed out that “a lot of people are saying it could hit $ 100,000.”
Michael Novogratz, former hedge fund manager at Fortress, is one of those crypto investors who believe bitcoin could hit these levels by the end of the year.
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