Mad Money’s Jim Cramer Offers Advice on Cryptocurrency Investing

Mad Money"s Jim Cramer Offers Advice on Cryptocurrency Investing

The host of Mad Money, Jim Cramer, has some advice for cryptocurrency investors. “I would never discourage you from buying crypto,” he said, adding that he himself owns ethereum. Jim Cramer’s Advice on Crypto Investing

Jim Cramer, the host of Mad Money, gave some advice regarding cryptocurrency investing on CNBC Make It Wednesday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

“I think crypto should be part of a person’s diversified portfolio,” he began, elaborating: I can’t tell you not to own crypto. I own crypto. I own ethereum.

He explained that he bought ether (ETH) because he wanted to buy a non-fungible token (NFT) for a charity. “But, they wouldn’t let me do dollars,” he noted. “I had to buy it in ethereum, so I researched it, and it’s got some qualities I like: scarcity value, not as hot — so to speak — as bitcoin (BTC). So, I bought it.”

While noting that crypto is speculative, he said it is okay to invest in speculative assets. However, he stressed, “You must admit that it’s speculative,” emphasizing: “Don’t put it in the Procter & Gamble class. It’s not Coca-Cola. It’s not Apple.”

He further noted that ever since crypto came along, he has been recommending putting 5% of portfolios in crypto and 5% in gold, instead of putting 10% in gold.

While he admitted that he has no idea what the value of crypto will be, he acknowledged that many people have made a fortune with crypto. “You have every right to try to make money in crypto,” he said, adding: I would prefer that you would do it in ethereum or bitcoin, which have the largest followings … I would be careful.

Cramer further warned that investors should not borrow money to buy crypto. “Borrow for your house, borrow for your car — but don’t borrow for crypto,” the Mad Money host emphasized, concluding: I would never discourage you from buying crypto because of all the fortunes that have been made there, and how it could make a whole new group of people fortunes … I’d like that to be you. Tags in this story Jim Cramer, jim cramer bitcoin, jim cramer crypto, jim cramer ethereum, mad money, mad money crypto, mad money currency

What do you think about Jim Cramer’s comments? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Citadel, Charles Schwab, Fidelity Join Forces to Build Cryptocurrency Trading Platform FEATURED | 1 day ago Paypal Upgrades Crypto Service — Now Lets Users Transfer Cryptocurrencies to Other Wallets, Exchanges FEATURED | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, CNBC Previous articleBlockchain Firm Edge Launches Confidential Crypto Mastercard Next articleUS SEC Investigating Do Kwon’s Terraform Labs and UST Collapse: Report Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining