Jim Cramer Bought Bitcoin When The Price Was At $17,000 Range

Jim Cramer Bought Bitcoin When The Price Was At $17,000 Range
Jim Cramer Bought Bitcoin When The Price Was At $17,000 Range

CNBC’s show, Mad Money, had its host, Jim Cramer, change course about crypto three months or so ago. The outspoken host now claims that the man had made a Bitcoin investment on Friday, one he claims was very well-timed.

Buying BTC At $17,000 Range

Cramer did an interview with TheStreet, and stated that he purchased Bitcoin on Friday, particularly when the prices itself dropped down the $18,000 range. As it stands now, Cramer went as far as stating that he treats Bitcoin just like he treats any other asset within a diverse portfolio.

In the interview, Cramer explained that his typical strategy is buying assets as it goes down, watching the prices go higher from there. Another tactic he is convinced of is the diversification of what asset classes you invest in, highlighting that he has gold and is now going into Bitcoin, albeit with no large amount by his standards. Even so, Cramer emphasized the need for diversification, stating that Bitcoin is the asset he plans to diversify in.

Cramer Pleased With His Purchase

Cramer did go on record and explained that there’s a good chance, in his mind, that the price could very well go back down again, citing the coin’s massively volatile history. Even so, his own personal opinion was that his purchase range of $17,000 was at a decent level. He went as far as to describe the range as “nicely off the top,” explaining that that range is where he likes to buy all his assets.

Cramer stands as a perfect example of the changing sentiments of Bitcoin. Prior to the great boom that happened in 2017, Cramer himself was a very outspoken critic of Bitcoin. In his mind at the time, he believed that the crypto space would simply run out of steam and become one of the many fads that came and went, and would never rise back up again.

Naysayers Slowly Accepting Crypto

However, this changed after he was a guest to the podcast of Anthony “Pomp” Pompliano, a famous crypto bull. From there, the man stated that he could invest 1% of his portfolio into Bitcoin.

As it stands now, Bitcoin’s price stands at around $19,150, and seemingly trying to break back out of its all-time-high. Many speculate that the coin can reach the fabled $20,000 mark before the year’s end, with others envisioning the coin managing to reach $100,000 in value by the end of 2021. Regardless, it’s clear that the crypto space is starting to catch the eyes of all the financial players, with only the most adamant naysayers still remaining against the space at large.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.