Jim Cramer Sells Half His Bitcoin to Pay Mortgage and Calls It 'Phoney Money'
Crypto News

Jim Cramer Sells Half His Bitcoin to Pay Mortgage and Calls It 'Phoney Money'

2m
3 years ago

Cramer did end up making a good point. Is there any point in accumulating crypto if you don’t take profit off the table once in a while?

Jim Cramer Sells Half His Bitcoin to Pay Mortgage and Calls It 'Phoney Money'

Daftar Isi

CNBC host Jim Cramer had started to win round some crypto enthusiasts in recent months, helped along by his newfound bullish stance on crypto.

But following a broadcast on Thursday, he might be back at square one with some maximalists.

Speaking during an episode of Squawk on the Street, Cramer called Bitcoin “phoney money” — and revealed that he had sold off half of his crypto holdings in order to pay off his mortgage. The animated analyst said:
“I bought a lot of Bitcoin at $12,000 … I know people are going to be angry at me, but I paid off a mortgage yesterday with it. I don’t know — is that dangerous — I actually sold some! It was so great to pay off a mortgage. It’s like phoney money… paying for real money!”

Neat Returns

Based on the price he bought BTC, Cramer’s investment will have risen fivefold. As he said during the broadcast: “I think I won!”

NFL player Russell Okung, who converts his salary into Bitcoin, was among those who called out Cramer on Twitter — and others warned that the CNBC host may regret his decision if Bitcoin enters six-figure territory as some predict.

But Cramer did end up making a good point. Is there any point in accumulating crypto if you don’t take profit off the table once in a while?

It also raises an uncomfortable truth: If some of the big institutions that have amassed tens of thousands of Bitcoin decide to do the same — MicroStrategy and Tesla among them — could this result in the markets being flooded with supply, and cause the price to crash?

17 people liked this article