The founder of The Street and host ‘Mad Money’ on CNBC Jim Crater revealed during an interview on Friday that he has invested in bitcoin.
While responding to a question about his recent tweet where he stated he would be buying bitcoin, Cramer said he had purchased some bitcoins on Friday morning when the price of bitcoin fell back to the $17,000 mark, and described it as a decent level for him to invest.
“Bitcoin is off nicely from the top. I like to buy something that’s off nicely from the top,” he said.
Although he did not reveal the actual value of his investment, he said he might buy more bitcoins. “I will buy like I usually do, as something comes down. I’ll get bigger and bigger,” he added.
After falling down to as low as $17,799.13 on Friday, bitcoin has risen above $19,200 during the course of the week. The current price of bitcoin is $19,092.58, falling down by -1.16% as of the time of writing this. Current market capitalization is $354.30B and market volume is $24.18B. Within the last 24 hours, bitcoin has experienced $19,371.79 high and $18,972.03 low. Currently, 18,570,831.25 bitcoins are in circulation.
Stats and Image from Coin Desk
Cramer sees his investment as a form of diversification “into all sorts of assets classes” just as his investment in gold to have a balanced asset. “I’m going to diversify into some bitcoin – it’s certainly important to be diversified, and bitcoin is an asset, I want to have balance of assets” he said.
The CNBC host in the past few years was critical of bitcoin, calling it ‘Monopoly Money’ and added that bitcoin’s value will be annihilated by future markets.