• Sun. Oct 1st, 2023

Analyst Jim Cramer Refers to Ethereum as the ‘Pied Piper of Crypto’



Jul 26, 2021

Crypto investor and the stock analyst for CNBC, Jim Cramer disclosed that he is bullish on his decision to invest his money in Ethereum, after he chose to eliminate Bitcoin from his portfolio altogether. A few days ago, the stock analyst tweeted that he had decided to stick to his position on Ethereum, but has no plans of adding to it. There are a number of broadcast hosts on CNBC who are considered proponents of cryptocurrencies and the host of the show ‘Mad Money’, Jim Cramer is also one of these people.

It was reported at the end of June that Cramer, who had bitcoin in his portfolio previously, had decided to change his position and moved into ethereum instead of the pioneer cryptocurrency. This is because the investor believed that ether was more a currency than bitcoin. Now, a couple of days ago, Cramer had tweeted that he wasn’t changing his ETH position, but he did emphasize that he didn’t have any intention of adding to it. In one of his recent interviews, Cramer had also talked about the fondness he has for Ethereum (ETH). According to the show host, he regards ethereum to be the ‘pied piper of cryptocurrency’.

Cramer shared his thoughts after the CEO of Tesla, Elon Musk had his discussion with the CEO of Ark Invest, Cathie Woods, and the CEO of Twitter, Jack Dorsey. The CNBC broadcast host said during his interview that the founder of Tesla had a big influence on the price of the cryptocurrency. He said that buying Ethereum for trading was better because ETH will run and if it goes up by 20%, he would bail on his position and he believes this is likely to happen. He went on to say that Musk has said that he is buying Ethereum, which means its price is going to go up. This makes it a Pied Piper security.

The show host also talked about the use cases of Ethereum and how people are purchasing non-fungible token (NFT) collectible assets. One excellent example is the handwritten job application NFT of Steve Jobs. The CNBC show host was quick to point out that ether is being used for purchasing most of the NFTs. A number of people were quick to respond to Cramer’s tweet where he said that he wasn’t going to add to his position. While many people were not in agreement with the stock analyst’s point of view and some even said that his exposure to crypto was nothing else than ‘ethereum shares’, there were some individuals who agreed with him.

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