Tag: Jim Cramer

CNBC’s Jim Cramer Sold Some of His Bitcoin to Pay Off A Home Mortgage

by Blockchain News

Jim Cramer, the Mad Money host on CNBC media company, has revealed that he recently paid off a mortgage using profits generated from his Bitcoin investments. On Thursday, April 15, Cramer disclosed that he paid off his mortgage the day before by selling half of his Bitcoin investments.

Cramer stated on CNBC’s Squawk on the street: “From the chart, I may be the only natural seller, but it was so great to pay off a mortgage.”

He further added: “It was like, kind of, phony money paying for real money. I now own a house—lock, stock, and barrel—because I bought this currency. I think I won!”

He stated that he purchased a significant amount of Bitcoin when the price was at around $12,000. Yesterday on April 15, Bitcoin price was selling at $64,829.

Cramer appeared to suggest that he followed investment advice he normally gives to his viewers: “Trimming positions to take profits after seeing considerable gains.” He said that he had sold half of his Bitcoin holdings.

Cramer has been a vocal supporter of Bitcoin for a while now. In February, he talked about his motivation for owning Bitcoin describing the crypto as “an alternative to a cash position, where you make absolutely nothing.” He therefore mentioned that it would be “almost irresponsible” not to include Bitcoin in a portfolio.

Last month, Cramer stated that he made more money from his investments in Bitcoin than what has on gold.

Although Cramer did not specify exactly how much money he generated from his Bitcoin sales, in other interviews, he stated that he invested $500,000 in Bitcoin after he faced frustrations with gold. That could put his profits from yesterday’s sales at over $1 million.

Why Bitcoin Is A Good Thing 

Bitcoin continues to gain more and more authority as more investors are allocating part of their cash into the cryptocurrency. Most prominent entrepreneurs have adopted the alternative store of value. Michael Saylor, the founder and CEO of MicroStrategy software firm, was the first ever institutional investor to bet on Bitcoin. Jack Dorsey’s Square became the second to invest in the crypto asset and among other investors, Tesla became the biggest.

Many investors together with Saylor are borrowing money at low-interest rates to purchase even more Bitcoins. The reason is that Bitcoin is a relatively safe bet.  

Recently, Saylor hosted a seminar for institutional investors to help them understand the benefits of purchasing and holding onto Bitcoin when reflected in the current conditions of the economy. The economy is unstable and with inflation and decreasing buying power of fiat money, investors see Bitcoin as the solution.  

Image source: Shutterstock

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Jim Cramer cashes out half his ‘phoney money’ Bitcoin to pay off mortgage

by Cointelegraph

Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “phoney money” Bitcoin portfolio to pay off his mortgage.

During Thursday’s broadcast of “Squawk on the Street,” co-anchor Jim Cramer revealed that he’s “decided to become an apostate,” by selling off half of his Bitcoin holdings to pay off his home. 

Cramer, who also hosts Mad Money, said that he bought a lot of Bitcoin at $12,000 because he thought it was a currency, and finally decided to take profits.

“I know people are going to be angry with me, but I paid off a mortgage yesterday with it.”

“It was like, kind of, phoney money paying for real money,” Cramer laughed. “I now own a house — lock, stock, and barrel — because I bought this currency. I think I won!”

Twitter user “SZ BeatzCoin” likened Cramer selling to the infamous pizza purchase for 10,000 BTC.

Once a Bitcoin critic, Cramer told his CTO to put $500,000 into Bitcoin after speaking to Morgan Creek Digital co-founder Anthony Pompliano in September last year. He even considered putting 1% of his $150 million net worth into the digital asset.

At the time, BTC was hovering between $10,000 and $12,000 but is now sitting at $63,000, up 425% in only six months.

Famous NFL player Russell Okung, called to Pompliano to pull Cramer back onto the straight and narrow:

In December, Cramer said he bought more around the $17,000 price range, although he didn’t reveal how much.

The TV personality returned to Pompliano’s podcast on March 22 to thank-him for the encouragement, explaining that he has since pulled out his initial investment and is now playing “with the house’s money,” and that he’s “never going to touch it.” That obviously hasn’t lasted.

Although he didn’t reveal how much his Bitcoin portfolio was worth, according to the cryptocurrency’s performance, it could have been around $2.4 million.

During the brief discussion on “Squawk on the Street” Cramer also reaffirmed his opinions regarding Coinbase’s listing yesterday, stating that a $600 price target for Coinbase’s COIN stock is still right.

“This is all a scarcity, we don’t have any other way for mutual funds to be involved with crypto.”

By investing in Coinbase stock, he added, you not only get crypto but also “honest management.”

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Bitcoin made me a ‘ton of money’ unlike stocks and gold — Jim Cramer

by Cointelegraph

CNBC host Jim Cramer has revealed he made “a ton of money” on Bitcoin (BTC) but gold “let him down.”

In an episode of the Pomp Podcast released March 22, Cramer thanked host Anthony Pompliano for inspiring him to invest $500,000 in BTC.

Cramer after Bitcoin buy: “Thank you”

“Here’s what’s going on: you made me a ton of money,” he began.

Cramer is well known as a mainstream media finance pundit, and is also familiar to Bitcoiners after a previous Pomp Podcast appearance in September 2020. His latest outing, however, puts him in pole position among CNBC presenters when it comes to being bullish on Bitcoin.

Continuing, he said that unlike with his experience with buying gold and stocks, Bitcoin actually delivered.

“It happened just as you said,” he told Pompliano. 

“It also happened much faster than you said, but I’m very grateful — and you know who else is grateful? My kids.”

Turning to gold, Cramer updated advice that he claimed to have espoused for almost 30 years. Instead of allocating 10% of one’s portfolio to the precious metal, he revealed for the first time that this should now be 5% gold and 5% Bitcoin.

“When I got not schooled but taught by Pomp, I said, ‘What am I doing not protecting myself in what I’ve been saying to people could be hyperinflation?'” he recalled.

While he did not state exactly how much money he had made from his initial investment of around $500,000, the timing suggests that his stash is now worth approximately $2.4 million.

Earlier this week, even Fed Chair Jerome Powell described Bitcoin as a “substitute for gold” while stating that it did not challenge the U.S. dollar.

Bitcoin returns (orange) vs. gold (purple) and S&P 500 (blue) YTD. Source: Tradingview

Stronger hands win out

Cramer is still a somewhat small-volume hodler compared to many Bitcoin investors who entered at much lower prices. As Cointelegraph reported, however, these whales have become increasingly weak-handed in recent times, selling into every major price rise this year. 

The results continue to be seen in the form of spurts and lengthy consolidations for BTC/USD, a pattern which itself has sparked familiar accusations of volatility and unreliability from naysayers.

Proponents nonetheless cite on-chain data as evidence that the upside is not yet over, with popular estimates for the average price in 2021 running as high as $288,000.

If nothing else, that would make Cramer’s hoard worth around $12 million.