30s Summary
TV host Jim Cramer has endorsed Bitcoin and other cryptocurrencies on his CNBC show, Mad Money, suggesting they should form part of any financial portfolio. He linked this to concerns over the US’s large deficit, which has prompted his belief in digital currencies. Despite previous claims that digital currencies were worthless, Cramer admitted to still owning some in the belief that national debt issues will not go away. He recommended financial diversification into Bitcoin, which has recently seen a high valuation of $99,571. Despite criticism, Cramer maintains his support for digital currencies.
Full Article
Jim Cramer, a guy who tends to say things about the stock market that don’t always pan out, says that Bitcoin should be a part of anyone’s money stash, even though it’s down a bit today.
On his CNBC show, Mad Money, on November 26, Cramer outs himself as a fan of digital money. This is because he’s worried about a mega deficit, as the US debt has climbed over $36 trillion.
“I reckon Bitcoin, Ethereum and maybe even some other random digital currencies deserve a spot in your money stash,” he said. “Maybe if the deficit gets itself together, I’ll speak differently.”
Cramer’s got a bit of a reputation for making calls on finances that end up being a bit off. There was even a fund betting against his tips, which didn’t do so well.
In the past day, Bitcoin (BTC) has slipped a little, down to around $92,700, after reaching a high of $99,571 on November 23.
“I’ve been into digital currencies for ages,” Cramer said on his show. “This is mostly because I know loads of people want to buy stuff that can protect them from our government’s rubbish budget.”
The Mad Money dude also confessed to still owning some digital currency because he believes the “national debt issues are never going to disappear.”
“I’m going to make another recommendation again,” Cramer said. “Funny how I’ve been backing gold and digital currency for years, yet they’re both pretty much at all-time highs, and I still get grief.”
On November 21’s Mad Money, Cramer advised a caller to “own Bitcoin cause that’s a winner,”. At that time, Bitcoin was on the up around $98,000.
Cramer says he’s getting stick from a “bunch of numpties saying I’ve messed up digital currency by backing it.”
Cramer’s had his ups and downs with digital currencies. He’s even claimed in the past that digital currencies have “no real worth” and told people to quit while they’re ahead. But he’s eaten his words and talked about making a profit from digital currencies.