Business TV personality Jim Cramer says he invested half a million dollars in Bitcoin after gold’s disappointing performance.
In an interview with Morgan Creek Digital co-founder Anthony Pompliano (Pomp), Cramer reveals that he told his chief financial officer (CFO) to buy $500,000 worth of BTC in a span of a few days.
“I went and called my CFO all right, and I said, ‘Listen I just talked to this guy Pomp and I want tomorrow, and I’m going to give you some numbers…’ I said ‘I want…’ I hope I don’t get in trouble, I said ‘I want a half-million dollars in this. And you can buy it over a couple of days but I don’t want any longer than that.’”
The host of CNBC’s Mad Money notes that he’s since cashed out his initial investment and might hold the remaining capital in Bitcoin forever.
“I have always said to people listen if you could ever be in a situation where you can play with the house’s money, you take out what you put in, then you’re blessed and you never have to touch it. And that’s what I have done. There a lot of people who are mad that I took out the money I put in. But now I’m never going to touch it, Pomp. I’m not and I may never.”
Cramer adds that his decision to invest in the flagship crypto asset came after realizing Bitcoin made up for the various shortcomings of gold.
“I have for years said that you should have gold. And I think that what I had going for me was the recognition that what you were saying [about Bitcoin] is what I was really searching for with gold all along. But gold let me down. Gold is subject to too many vicissitudes. It’s subject to mining issues. It’s frankly subject to failing in many cases.”
In addition, Cramer reveals that he now advises investors to reduce their allocation to gold by 50% and channel the balance to Bitcoin.
“I’ve been saying 10% of gold since 1983. And now I say 5% of gold, 5% Bitcoin.”
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