Jim Cramer bought Bitcoin while ‘off nicely from the top’ in $17,000s

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Three months after seemingly altering course on crypto, the outspoken host of CNBC’s Mad Cash is claiming he made a well-timed Bitcoin funding on Friday.

In an interview with TheStreet, Jim Cramer says he bought Bitcoin (BTC) Friday morning when the value dipped underneath $18,000. The Mad Cash host added he was treating the crypto asset as every other funding in a various portfolio.

“I’ll purchase — like I normally do — as one thing comes down,” mentioned Cramer. “I will get greater and greater and greater. I simply suppose that you just wish to diversify into all kinds of asset lessons. I’ve gold. I’m going to diversify into some Bitcoin — not a giant place for me — but it surely’s actually necessary to be diversified, and Bitcoin is an asset and I wish to have a stability of belongings.”

Cramer mentioned he believed the value of Bitcoin would possibly “come down once more” given its unstable historical past. Nevertheless, he personally noticed the $17,000s — the value when he claimed to buy extra BTC — as a “respectable stage”:

“[Bitcoin] is off properly from the highest. I like to purchase one thing that’s off properly from the highest.”

The CNBC host was as soon as an outspoken Bitcoin critic previous to the 2017 increase, saying that the crypto asset was going to “run out of steam. Nevertheless, since being a visitor on Bitcoin bull Anthony “Pomp” Pompliano’s podcast in September, Cramer has mentioned he would possibly invest 1% of his portfolio in Bitcoin.

The worth of Bitcoin is $19,192 on the time of publication, having risen 2.6% within the final 24 hours.