Former hedge fund manager and host of the ‘Mad Money’ show on CNBC, Jim Cramer, revealed he has been treating bitcoin like a stock in handling the recent price run.
Speaking in an interview with Katherine Ross, Cramer gave his predictions for assets in 2021, including the future performance of bitcoin.
Cramer said he initially bought bitcoin “more as an asset” than a trade and says he intends to hold a portion of it in his portfolio.
The popular financial guru said he purchased BTC after appearing on a September podcast with Anthony Pompliano, when bitcoin was trading around $10,000.
Cramer said his initial investment had doubled following bitcoin’s latest price rally, causing him to follow his rule of selling off the cost basis.
He said,
I’m not doing anything I wouldn’t do with a stock…I’m gonna say hold on.
Cramer warned investors that bitcoin had likely entered speculative territory, rather than functioning as a currency. He said he would consider purchasing additional bitcoin if the price fell back into the $14,000 to $18,000 range.
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