Jim Cramer, business television personality and converted bitcoin supporter, sold half of what he calls his counterfeit bitcoin wallet to pay off his mortgage.
@jimcramer reveals he bought a lot of bitcoin when it was around $12K. He says he sold half of it yesterday to pay the mortgage. It was as if counterfeit money had been paid for real money. …. I think I won. https://t.co/L909N1g6x0 pic.twitter.com/hfkzTmIdWl
– CNBC (@CNBC) April 15, 2021
On Squawk on the Street, Jim Cramer revealed Thursday that he has decided to become a renegade by selling half of his bitcoin holdings to pay off his house.
Kramer, who also hosts Mad Money, said he bought a batch of bitcoins for $12,000 because he thought it was a currency and eventually decided to take a profit.
I know people will be mad at me, but I paid off the mortgage yesterday.
It was sort of fake money paid for real money, Kramer said with a laugh. Now I have a house, a castle, shares and a barrel, because I bought this money. I think I won!
Twitter user SZ BeatzCoin compared Cramer’s sale to the infamous purchase of 10,000 BTC worth of pizza.
Once a critic of bitcoin, Kramer advised his CTO to invest $500,000 in bitcoin after a conversation with Morgan Creek Digital co-founder Anthony Pompliano last September. He has even considered investing 1% of his $150 million in a digital asset.
At the time, BTC hovered between $10,000 and $12,000; today it stands at $63,000, up 425% in just six months.
Prominent NFL player Russell Okung called on Pompliano to get Cramer back on track:
Yo, @APompliano, go get your friend. https://t.co/DsxXQl7BXj
– russ (@RussellOkung) April 16, 2021
In December, Kramer said he bought more, about $17,000, but did not disclose the amount.
The television personality returned on the 22nd. March returned to Pompliano’s podcast to thank him for his support, explaining that he has since withdrawn his original investment and is now playing with the money at home and will never touch it again. Of course, it didn’t last long.
He did not disclose the value of his bitcoin wallet, but it could be worth around $2.4 million, according to the crypto currency.
Only selling 50% after a 5x increase doesn’t seem that stupid.
– The Wave (@davthewave) April 16, 2021
In a brief discussion at Squawk on the Street, Kramer also reiterated his opinion on yesterday’s Coinbase listing, saying that the $600 price target for Coinbase shares still stands.
Exactly the opposite, we have no other way for mutual funds to get involved in crypto.
If you invest in shares of Coinbase, he added, you will not only get cryptocurrencies, but also honest management.
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