In September 2020, CNBC Mad Money host, Jim Cramer revealed he was going to buy Bitcoin following a podcast appearance with Bitcoin influencer, Anthony Pompliano.
Cramer reportedly acquired his bitcoins within the $17,000-$18,000 range amid much fanfare that traditional investors are gradually getting used to the bitcoin standard.
Fast forward to four months later and an almost 100% increase, Jim Cramer said he has taken out the cost-basis on his bitcoin investment and will “let the rest run.”
Cramer revealed the latest adjustment with his Bitcoin portfolio, telling TheStreet host, Katherine Ross, that he had “bought bitcoin as an asset, not as a trade.” With the recent rally above $30,000, though, Cramer repeated his famed investing strategy of taking out the initial amount he invested in an asset.
He said the run came out of its way, with Bitcoin going from being a currency to being a speculative asset.
“I’ve taken out almost all of my entire cost basis, so, I’ll let the rest run. […]. I’m not doing anything that I’m not doing with stocks,” the former hedge fund manager said.
Regarding whether he’d re-invest or increase his exposure to Bitcoin in the future, Cramer said he’d consider buying more if Bitcoin “ever got back to $14,000 or even $18,000.”
Bitcoin (BTC) Cools Off After Massive Weekend Rally
After hitting numbers above $34,000 during the weekend, Bitcoin bulls were caught off guard, as the market dropped around 10% to slip below the $29,000 mark. However, a fightback has quickly reversed the downtrend, with Bitcoin currently trading at $30,999.
BTC crossed the $600 billion market cap for the first time last week and currently sits around $580 billion after the recent cool off. Time will tell whether the bitcoin market rally is already coming to an end, or whether the weekend dip was the correction that many investors predicted would happen before the next leg up.
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