The former hedge funds manager has joined the league of crypto enthusiasts with his latest buy of crypto. He is not the only financial expert buying the digital asset with plans to buy even more. Jim’s earlier perception about the digital asset wasn’t too optimistic, but the crypto community is glad to see him warming up to the digital assets now.
The present TV host of Mad Money on CNBC and one of the founders of Thestreet.com are financially literate, and he started investing from his college days. He also retired from his successful career as a hedge fund manager from his organization in 2001.
TV presenter explains why he bought digital assets
The author is conversant with the investment world, mostly because his show Mad Money helps people make better investment choices, so his latest investment is no surprise. He recently bought his Bitcoin at a surprisingly well-priced range within $17,000-$18,000 in a bid to diversify his asset class.
The co-founder might also be buying more of the digital assets if the prices drop to allow him to accumulate a reasonable amount. Cramer discussed his recent buys on Thestreet.com a site he founded and shared the price range he bought his crypto. The investor, however, did not reveal the amount of the digital asset he bought.
Cramer explained that his new investment was necessary to broaden his investment portfolio. He also admitted that he wanted a balanced asset class and that Bitcoin was a perfect asset to ensure reliable investments in the blockchain industry.
The author argued that a good investment portfolio is not about having massive assets but assuring an apparent diversification of one”s holdings. The CNBC host also predicts a fall in the price of Bitcoin, primarily due to the volatility of the asset class. Crammer opined that the digital asset is “nicely off the top” and he loves to buy assets like that in terms of pricing.
The institution investors’ demand for asset diversification
Many institutional buyers are looking into the crypto to diversify their asset. Bitcoin is not seen as in a ‘bubble’ like it was years ago, and investors are exploring their options in terms of digital assets. Ray Dalio is one of those investors who demand an even distribution of one’s investments.
Despite showing a greater preference for gold as an investment, the hedge fund manager also advises people to invest in Bitcoin to have diverse classes of assets. He compared gold to Bitcoin while agreeing with the wide range of similarities the two assets have.
Cramer is not one to mince words since he expressed his doubts publicly three years ago about the new asset and argued that the cryptos were running out of steam after their sudden boom years ago. The co-anchor for ‘Squawk on the street’ agreed that some external factors influenced his investment choices in the digital asset.
He revealed that Henry Blodget’s prediction with Bitcoin one day becoming extremely valuable made him change his perspective of the digital asset. Though, Cramer opined that the valuation might be as a result of institutions buying crypto to pay off Ransomware.