Jim Cramer (host of Mad Money) has some tips for crypto investors. He said that “I wouldn’t discourage you from purchasing crypto,” and added that he owns ethereum.
Jim Cramer’s Advice for Crypto Investing
CNBC Make It Wednesday host Jim Cramer gave advice on cryptocurrency investing to Mad Money’s host, Jim Cramer. Cramer, a former hedge fund manager, co-founded Thestreet.com which is a financial news and education website.
He continued, expounding: “I believe crypto should be part a person’s diversified portfolio.”
I cannot tell you to not own crypto. I have crypto. I have ethereum.
He said that he purchased ether (ETH), as he wanted to purchase a non-fungible token for charity. He noted that they wouldn’t allow him to do dollars. “I bought it in ethereum so I did some research. It has some qualities that I like: scarcity, not as hot as bitcoin (BTC). It was so good that I bought it.
He acknowledged that crypto is speculative but said that it was okay to invest in speculative investments. He stressed that crypto is speculative, but he also said, “You have to admit it’s so,” and added: “Don’t put it in Procter & Gamble. It is not Coca-Cola. It’s not Apple.
He also noted that crypto has always been recommended to him, with 5% in crypto and 5% being in gold.
He admitted that he doesn’t know the exact value of crypto, but he also acknowledged that crypto has made many people a fortune. He said that anyone can make money with crypto.
I prefer you to do it in bitcoin or ethereum, as they have the most followers. But I’d be cautious.
Cramer also warned investors that they should not borrow money in order to purchase crypto. Cramer concluded by warning that investors should not borrow money to buy crypto.
Because of the many fortunes made in crypto, I wouldn’t discourage you from purchasing it. It could also make a whole new set of people fortunes.