Jim Cramer, a former hedge fund manager, discussed why viewers of his popular show should consider investing in Coinbase shares on Wednesday. Additionally, he discussed cryptocurrency in general and Ethereum in particular.
Cramer hosts the CNBC show “Mad Money with Jim Cramer.” Additionally, he is a co-anchor of CNBC’s “Squawk on the Street” and a co-founder of the financial news website TheStreet. On 10 September 2020, Anthony Pompliano (a.k.a. “Pomp”), a co-founder of Morgan Creek Digital and host of “The Pomp Podcast,” informed his over 370K Twitter followers that he had convinced Cramer to purchase some Bitcoin.
Then, on 11 December 2020, Cramer informed Katherine Ross, a TheStreet correspondent, that he had just purchased further Bitcoin. Three months later, during a second interview appearance on Pomp’s podcast, Cramer stated that he had made “a ton of money” from his Bitcoin investment, expressed unhappiness with gold, and advised investors to have 5% of their portfolio in gold and 5% in Bitcoin.
On April 15, Cramer admitted to CNBC’s “Squawk on the Street” co-host David Faber that he had been profiting from the rise in the Bitcoin price over the last few months by selling some of his BTC holdings. Cramer stated on June 21 during an appearance on CNBC’s “Squawk on the Street” that he had sold the majority of his remaining Bitcoin holdings, citing concerns about China’s crypto crackdown and Bitcoin’s usage for ransomware payments.
Cramer’s recent statements about cryptocurrency came during Wednesday’s “Mad Money With Jim Cramer” show’s Lightning Round segment, during which he provides short responses to his viewers’ questions. When questioned about his thoughts on Coinbase Global, Cramer stated that, while he is not a fan of the company’s management and the direct listing on Nasdaq did not go as planned, he believes the company’s shares, which closed the previous day at $259.28, is currently cheap:
“I think Coinbase is inexpensive. I don’t really care for management because I think they let out a lot of stock when they started. I was against that. They should’ve been buyers, not sellers. I think the listing went very, very poorly. I think the company is the .. natural repository of crypto.“
COIN’s price has decreased from $328.28 to $248.54 after its Nasdaq launch on April 14. (its closing price on August 26). He then discussed his thoughts on cryptocurrency, revealing that he is now holding Ethereum ($ETH): “I will also state that I directly own Ethereum. I believe you should invest up to 5% of your money in cryptocurrency. I am a crypto enthusiast.“
Also Read: China’s Central Bank Declares Bitcoin To Be Worthless
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