284 Interactions, 2 today
CNBC host Jim Cramer declares that he has “won” by cashing out part of his Bitcoin portfolio to pay off his debt, claiming that it is “phoney money paying for real money.”
Jim Cramer, a business TV host and converted Bitcoin supporter, has sold half of his Bitcoin portfolio to pay off his mortgage.
.@jimcramer discloses that he bought a lot of bitcoin when it was around $12K. He says he sold half of it to pay off his mortgage yesterday. “It was like phony money paying for real money… I think I won.” https://t.co/L909N1g6x0 pic.twitter.com/hfkzTmIdWl
— CNBC (@CNBC) April 15, 2021
During Thursday’s “Squawk on the Street” show, co-anchor Jim Cramer announced that he has “decided to become an apostate” by selling half of his Bitcoin assets to pay off his mortgage.
Cramer, who also hosts Mad Money, said that he purchased a large amount of Bitcoin at $12,000 when he mistook it for a currency and then wanted to cash out.
“I know people are going to be angry with me, but I paid off a mortgage yesterday with it.”
“It was kind of like phoney money paying for real money,” Cramer chuckled. “Because I purchased this currency, I now own a house — lock, stock, and barrel. “I believe I have won!”
Cramer’s sale was compared to the notorious pizza transaction for 10,000 BTC by Twitter user “SZ BeatzCoin.”
After speaking with Morgan Creek Digital co-founder Anthony Pompliano in September last year, Cramer told his CTO to invest $500,000 in Bitcoin. He also contemplated investing 1% of his $150 million nett worth in the digital asset.
BTC was trading between $10,000 and $12,000 at the time, but it is now worth $63,000, a 425 percent increase in just six months.
Russell Okung, a well-known NFL player, asked Pompliano to get Cramer back on track:
— russ 💯 (@RussellOkung) April 16, 2021
Cramer said in December that he bought more near the $17,000 mark, though he didn’t say how many.
On March 22, the TV personality returned to Pompliano’s podcast to thank him for the advice, revealing that he has since withdrawn his initial investment and is now playing “with the house’s money,” which he’s “never going to touch.” That clearly hasn’t lasted.
While he did not disclose the value of his Bitcoin investments, based on the cryptocurrency’s results, it may have been about $2.4 million.
Anyone know at what level he bought? https://t.co/42ygWrfgYu
— dave the wave🌊 (@davthewave) April 16, 2021
Cramer reaffirmed his views on Coinbase’s listing yesterday during a short debate on “Squawk on the Street,” arguing that a $600 price goal for Coinbase’s COIN supply 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.”