Mad Money host Jim Cramer gives some advice to crypto investors. “I never discourage you from buying crypto,” he said, adding that he owns Ethereum himself.
Jim Cramer’s advice on investing in crypto
Mad Money host Jim Cramer shared some cryptocurrency investment tips on CNBC MakeItWednesday. 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 diverse portfolio of people,” he began, clarifying:
I can’t tell you not to own the cipher. I own the cipher. I own Ethereum.
He explained that he bought Ethereum (ETH) because he wanted to buy a non-fungible token (NFT) for a charity. “But they couldn’t make me money,” he said. “I was supposed to buy it on Ethereum, so I investigated it. It has some qualities that I like: it’s not as hot as Bitcoin (BTC), so to speak, it’s a rare value. So I bought it. “
Keeping in mind that cryptocurrencies are speculative, he said it is okay to invest in speculative assets. But he points out, “I have to admit that I’m speculative,” “Don’t put me in the Procter & Gamble class. It’s not Coca-Cola. It’s not Apple.
He further recommended that 5% of the wallet be in crypto and 5% in gold since the advent of crypto. You don’t put 10% in gold.
He admitted that he knew nothing about the value of cryptography, but many admitted that he made their property with cryptography. “You have the right to make money with cryptocurrencies,” he added:
You should do it with Ethereum or Bitcoin, which has the most followers … Be careful.
Kramer further warned that investors should not borrow money to buy cryptocurrencies. “Borrow for a house, borrow for a car-but don’t borrow for cryptocurrencies,” said the host of Mad Money, concluding:
For all the good luck brought there, and because of how it can enrich a group of all-new people, I never discourage you from buying crypto. I wish it was you.
What do you think of Jim Cramer’s comments? Let us know in the comments section below.
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