Celebrity TV host explained: is he buying more Bitcoin (BTC)?
Jim Cramer, the host of CNBC’s Mad Money and a famous investor, made some very important statements in favor of the leading cryptocurrency Bitcoin (BTC). Cramer noted that he invested in Bitcoin last week, taking an important step to diversify his investment portfolio. Cramer also said he wants to take advantage of the fluctuating moments of the cryptocurrency market to buy more BTC.
He Bought Bitcoin For $ 17,000
Explaining his views on Bitcoin in an interview with TheStreet, Cramer noted that he had received a loaded BTC from the $ 17,000 to $ 18,000 band. The famous presenter did not reveal exactly how much BTC he received. The former freelance fund manager said Bitcoin was a huge asset to diversify the portfolio, stressing it would continue to make purchases.
According to Cramer, there is no need to make huge purchases to diversify the portfolio. Instead, portfolio diversification can be done by making purchases only between 1% or 10%, and you can be prepared for any moment of the market. The price of Bitcoin will soon fall again due to severe volatility, Cramer said, stressing that he is waiting for these moments to make purchases.
“If Bitcoin Falls, I’ll Buy It Again”
Cramer, who stated that bitcoin has fallen from its peak and will buy if it falls a little further, actually shares the opinion of many individual and institutional investors. The increase in the cryptocurrency sector since March 2020 has attracted not only names like Cramer, but also institutional investors.
MicroStrategy’s purchase of Bitcoin as a publicly listed company certainly impressed other institutional investors as well. In addition, Twitter CEO Square and MassMutual, one of the world’s largest insurance companies, made loaded Bitcoin purchases. In other words, Cramer’s announcement that he will buy BTC again at a low price may be a step that will also be implemented by many institutional investors.
$ 20,000 For Bitcoin Price, A Small Target
Although the price of Bitcoin could not come up to $ 20,000, new investments and the capital that institutional investors will transfer could make the $ 20,000 price target for BTC a very small detail. BTC / USD is trading at $ 19,158 as of the time of this article, and Bitcoin may move to a new record after breaking the critical resistance of $ 19,800.