CNBC Host Jim Cramer Is Officially Bullish on Bitcoin. What It Means for Investors…
Jim Cramer is the long-time host of CNBC’s Mad Money. Like many old-time investors who have millions of dollars at stake in the traditional securities market at any given moment, Cramer has been staunchly against the idea that Bitcoin is going to take over the world for some time now. Fortunately for Bitcoin enthusiasts and investors alike, some fellow CNBC personalities are much more open-minded to the idea that cryptocurrencies have present and future value to us all.
In this case, that personality is fellow CNBC commentator Anthony Pompliano. On today’s episode of The Pomp Podcast, Pompliano continues to get into deep discussions with Cramer about Bitcoin and other cryptocurrency projects and explains how he was able to convince one of the investing world’s biggest and loudest personalities why digital currencies and blockchain technology are the next frontier.
Cramer’s Back-And-Forth Battle with Bitcoin
Make no mistake about it, while Cramer continues to make a name for himself thanks to his boisterous personality and his no-nonsense approach, it’s not just for show. He regularly mentions stocks investors should enter and exit on Mad Money and he also manages a portfolio of investments in a charitable trust. He’s always transparent about his own personal holdings within that trust and regularly gives his audience advice that he himself subscribes to. In short, Cramer puts his money where his mouth is. Just one of the many reasons he’s so popular.
That being said, he hasn’t always been bullish on Bitcoin. Far from it. In 2017 he remarked that Bitcoin could someday be worth $1 million per coin. On the other hand, Cramer has also referred to Bitcoin as an “outlaw currency”.
That same year Chicago’s CBOE Global Markets Inc. empowered investors with the ability to invest in Bitcoin Futures. At the time, Cramer stated this could kill Bitcoin as it would give institutional investors the opportunity to go short on Bitcoin and send the price spiraling quickly.
Yet here Cramer is today officially investing in Bitcoin.
What Does This All Mean for You, the Investor?
Celebrity investors bring with them capital, social media followings and a plethora of knowledge. The fact that Cramer is putting any money into Bitcoin at all is a win for crypto enthusiasts no doubt. That said, larger macroeconomic factors will always play a more significant role in what happens with the market more than any individual investor ever will. At the present moment, the U.S. government seems keen on striking down the possibility of another stimulus check being sent out to Americans. Technology stocks are also dropping in value, and Bitcoin itself appears to have settled down after experiencing its latest Bull Run over the last couple of months.
Long-term Canadian investors should stand firm in their belief in Bitcoin and/or other projects. Consider Cramer’s willingness to invest another small victory towards the path to the financial freedom of the individual. Any time adoption grows, so does the possibility of you earning “Mad Money” yourself… to be paid out to you in the form of cryptocurrency of course.
Written by: Jack Choros
Writer, content marketing at Netcoins.