Jim Cramer makes up half of his ‘sham’ Bitcoin to pay off the mortgage

Jim Cramer makes up half of his ‘sham’ Bitcoin to pay off the mortgage

by

Business TV personality and converted Bitcoin proponent Jim Cramer has sold half of what he calls his “sham money” Bitcoin portfolio to pay off his mortgage.

During Thursday’s broadcast of ‘Squawk on the Street’, co-anchor Jim Cramer revealed that he ‘decided to become an apostate’ by selling half of his Bitcoin holdings to pay for his home.

Cramer, who also offers Mad Money, said he bought a lot of Bitcoin for $ 12,000 because he thought it was a currency and eventually decided to make a profit.

“I know people are going to be mad at me, but I paid a mortgage for it yesterday.”

“It was a kind of money money that paid for real money,” Cramer laughed. ‘I now have a home – lock, stock and barrel – because I bought this currency. I think I won! ”

Twitter user “SZ BeatzCoin” compares Cramer’s sale to the infamous pizza purchase for 10,000 BTC.

Once a Bitcoin critic, Cramer told his CTO to put $ 500,000 into Bitcoin after talking to Morgan Creek Digital co-founder Anthony Pompliano in September last year. He even considered investing 1% of his $ 150 million net worth in the digital asset.

At the time, BTC hovered between $ 10,000 and $ 12,000, but now sits at $ 63,000, rising 425% in just six months.

Well-known NFL player Russell Okung called on Pompliano to pull Cramer straight and narrow again:

In December, Cramer said he bought more in the $ 17,000 price range, though he did not divulge how much.

The TV personality returned to Pompliano’s podcast on March 22 to thank him for the encouragement, explaining that he has since withdrawn his initial investment and that he is now playing ‘with the money from home’, and that he ‘never’ will not touch ‘. Of course, this did not last.

Although he did not disclose how much his Bitcoin portfolio was worth, according to the performance of the cryptocurrency, it could have been about $ 2.4 million.

During the brief discussion on ‘Squawk on the Street’, Cramer also confirmed his opinion on Coinbase’s listing yesterday and said that a price target of $ 600 for Coinbase’s COIN share is still right.

“It’s all a rarity. We have no other way in which mutual funds can be involved in crypto. ‘

By investing in Coinbase shares, he added, you get not only crypto but also ‘honest management’.

Source