Mad Money’s Jim Cramer Invests In Crypto Because ‘There Could Be Millions Of Great Fools Out There’ – Markets & Prices Bitcoin News – News Couple
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Mad Money’s Jim Cramer Invests In Crypto Because ‘There Could Be Millions Of Great Fools Out There’ – Markets & Prices Bitcoin News


Mad Money host Jim Cramer offers some advice for crypto investors. “As long as you are aware of the very real possibility that the entire investment case for cryptocurrency is based on the bigger fool theory, you have my blessing to speculate on it,” he said. Kramer added that he holds the ether because he believes “there can be millions of great fools”.

Jim Kramer’s Crypto Investing Advice

CNBC’s Mad Money host Jim Cramer spoke about investing in cryptocurrencies on Thursday. The former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website, said:

As long as you understand the very real possibility that the entire investment case for cryptocurrency is based on the bigger fool theory, you have my blessing to speculate on it.

The great deceptive theory states that the price of an asset is determined by whether you can sell it at a higher price later. The theory refers to the idea that you can make money buying an asset because someone will eventually want to buy it from you at a higher price.

Kramer added, “I know a lot of people say ridiculous things about cryptocurrency, and I found a lot of chaos to admit it.” However, he emphasized:

At the end of the day, I have repeatedly said that you can use Bitcoin or Ethereum as an inflation hedge, up to 5% of your savings, as an alternative to gold.

In August, Mad Money host recommended that up to 5% of wallets be placed in cryptocurrency, stating that it is insured in cryptocurrency. He said in March that gold had let him down.

Kramer also shared: “I didn’t buy bitcoin or ethereum as inflation insurance. In all honesty, I was gambling. I was simply gambling on the psychology of the masses, and I have absolutely no idea why these things are so high, except that there are a lot of enthusiastic people out there who want to Buying at a higher price and selling at a higher price.” He explained:

I stick to Ethereum because I think there could be millions of great fools out there. I think this is a decent bet.

He continued, “I have no special association with ethereum and will eventually include the history in the rest of my post when I think it has been lifted.”

The price of Ether reached an all-time high on Friday. At the time of writing, ETH is at $4,274. It has fallen 3.5% in the last 24 hours but is up 7% in the past seven days and nearly 50% in the past 30 days.

In June, Cramer revealed that he had sold nearly all of his bitcoin after the Chinese government reiterated its crackdown on the cryptocurrency. That same month, he said he put money into ETH, stating: “I love Ethereum because people actually use it a lot more to be able to buy things.” In September, the Mad Money host begged crypto investors to take profits if they had any crypto gains due to concerns about Evergrande and Tether.

What do you think of Jim Kramer’s comments? Let us know in the comments section below.

photo credits: Shutterstock, Pixabay, Wikicommons

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