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CNBCs Jim Cramer notes how he has already made profit on bitcoin from investing last week

CNBCs Jim Cramer notes how he has already made profit on bitcoin from investing last week

Quick take

1 minute read

  • Jim Cramer changed his tune on cryptocurrency this year and is claiming that he made a well-timed investment into the leading coin at the end of last week.
  • Jim said he bought bitcoin on Friday morning when the price went on to $18,000 and added that he was treating the asset like any other investment in a diverse portfolio.

Jim Cramer, the host of the mad money segment on CNBC changed his tune on the world of cryptocurrency earlier this year and is now claiming that he made a well-timed investment into the leading crypto coin at the end of last week.

Speaking with TheStreet in a new interview, Jim said he bought bitcoin on Friday morning when the price went on to $18,000 and added that he was treating the asset like any other investment in a diverse portfolio.

He further said:

“I will buy, like I usually do, as something comes down. I'll get bigger and bigger and bigger. I just think that you want to diversify into all sorts of asset classes. I have gold. I’m going to diversify into some Bitcoin, not a big position for me, but it's certainly important to be diversified, and Bitcoin is an asset and I want to have a balance of assets."

The host went on to say that he believes the price of bitcoin could “come down again“ given the volatile history that the asset has.

He went on to say that bitcoin “is off nicely from the top. I like to buy something that’s off nicely from the top.“

Before bitcoin rose in price significantly at the end of 2017 hitting an all-time high of $20,000, Jim was a critic of the industry. Eventually, Jim said that it was going to “run out of steam“.

Earlier this year in September, he took part in the Anthony Pompliano podcast where he said that he could invest 1% of his portfolio into the leading cryptocurrency.

He seems to have done that just now and already profited off it.

For more news on this and other crypto updates, keep it with CryptoDaily!

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