On Friday (December 11), Former hedge fund manager Jim Cramer explained during an interview why earlier that day he had bought more Bitcoin.
Cramer is the host of CNBC show “Mad Money w/ Jim Cramer“. He is also a co-anchor of CNBC’s “Squawk on the Street“, as well as a co-founder of financial news website TheStreet.
On 7 June 2017, when Bitcoin was trading around $2,800, after being told on “Squawk on the Street” that Business Insider CEO Henry Blodget had predicted that Bitcoin would one day be worth $1 million, this is how Cramer responded:
“I think it [Bitcoin] could [reach $1 million] because the European banks are frantically trying to buy them so they can pay off ransomware. It’s a short-term way to be able to deal with cybersecurity. It is the way to pay off the bad guys.“
However, on 14 August 2018, at a time when Bitcoin had just fallen below the $6K level, we found out that Cramer had gone from being super bullish to bearish:
“I think the tide has turned against it… I’m not saying its time has passed, but there is a notion that the sun seems to be setting.“
Then, on September 10, Anthony Pompliano (aka “Pomp”), who is a co-founder of Morgan Creek Digital as well as the host of “The Pomp Podcast”, told his almost 370K followers on Twitter that he had convinced Cramer to buy some Bitcoin (apparently during a recent podcast interview with Cramer):
On Friday, Cramer told Katherine Ross, a correspondent for TheStreet that he had just bought more Bitcoin, and proceeded to explained why:
“Yeah, I just felt that back at $17[k] seemed like a decent level, and I will buy — like I usually do — as something comes down. 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.”
