CNBC’s Jim Cramer says he has his own cryptocurrency because of “All the Wealth Made In It.” The legendary stockbroker recommends an altcoin project.
Jim Cramer says there are some features he likes in the leading altcoin project
The crypto industry has been growing for years. It even reaches a point where financial institutions and governments that were previously against them are now getting into it. Also, the market continues to attract more users and money is pouring into it. Jim Cramer found himself dealing with the leading altcoin Ethereum when he needed to buy an NFT. Cramer says:
They wouldn’t let me take dollars. So I had to buy Ethereum. That’s why I researched. Ethereum has some features that I love.
Jim Cramer is a writer and broadcaster working with CNBC. On CNBC, Jim hosts an episode called ‘Mad Money’. He is also a host on Squawk on the Street. Before entering the media, Jim was a hedge fund manager at Cramer Berkowitz. He was one of the founders of the firm and also a senior partner.
“People should only invest what they can afford to lose!”
Jim Cramer says cryptos like Bitcoin and Ethereum are great as speculative assets. That’s why the legendary stockbroker states that people should remember this. Regarding this, Cramer states:
I can’t tell you not to own crypto. Because I own Ethereum.
Cryptos have potential and people have made astronomical gains from them. For example, as Cryptokoin.com followers know, ten years ago Bitcoin was worth a penny. Today, it’s worth about $30,000 per piece. Cryptos have made billionaires like Tyler and Cameron Winklevoss, who made early investments in BTC.
But Jim Cramer has a caveat. “Cryptos are largely speculative assets and people should only invest what they can afford to lose,” Cramer says. Still, Jim doesn’t look at them as a gamble. This is why Jim describes cryptos simply as investments that are part of one’s portfolio.
Cramer’s altcoin recommendation for the crypto portfolio
Jim Cramer has a few recommendations to share with crypto investors. First, a crypto portfolio should not take up most of one’s investments. “It is good to have 5% in crypto and below,” the legendary stockbroker says. He also recommends investing in two of the best cryptocurrencies, namely Bitcoin and Ethereum. He reminds that he has the two largest cryptocurrencies in the market and a large following. Cramer states that this also makes them relatively safe.
While Cramer advocates buying crypto, he does not recommend borrowing money to buy them. That’s why Jim says, “Borrow for your house, borrow for your car, but don’t borrow for crypto.” He says cryptocurrencies are different and are not safe long-term investments. For this, he uses the following expressions:
Do not put it in the Procter & Gamble class. However, it’s not Coca-Cola, it’s Apple.
Also, Cramer feels that crypto investments should not be put in the same basket with other types of long-term investments such as stocks. The legendary stockbroker says he will never discourage anyone from investing because of “all the fortunes made in him.”
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