Mad Money show host Jim Cramer bought ether after throwing almost all of his bitcoins away. “I like Ethereum because people use it a lot more to be able to buy things,” he said, emphasizing that “it’s more of a currency.”
Jim Cramer prefers Ethereum over Bitcoin
Jim Cramer was asked on CNBC on Monday for his updated opinion on Bitcoin after selling almost all of his BTC last week. As a former hedge fund manager, Cramer co-founded Thestreet.com, a financial news and literacy website.
The Mad Money host said last week that it would buy Bitcoin again if the price fell to the $ 10,000 mark. However, the cryptocurrency didn’t fall much further than the $ 30,000 level Cramer apparently sold before recovering. At the time of writing, Bitcoin price is $ 34,370 based on data from Bitcoin.com Markets.
“I went back to Ethereum” because Bitcoin was held at the $ 30,000 level, said Cramer, stating:
I like Ethereum because people use it a lot more to be able to buy things. I will continue to buy Ethereum. I just think it has a bit more game because when you buy an NFT everyone wants Ethereum. It’s more of a currency.
Last week, Cramer announced that he had sold almost all of his bitcoins because he was concerned that China was cracking down on cryptocurrency and bitcoin mining, as well as BTC’s role in ransomware attacks.
Mad Money’s host was previously optimistic about Bitcoin and advised people to invest 5% of their portfolios in the cryptocurrency because he said gold had let him down. He originally went to BTC out of fear of massive inflation.
What do you think of Jim Cramer moving from BTC to ETH? Let us know in the comment section below.
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