The Crazy Jim Cramer Is Scooping Up Crypto?
Jim Cramer, the wild man of Wall Street and host of Mad Money, recently gave his two cents on the subject of Bitcoin price surge. After a nearly 150-percent rally so far this year, Cramer suggested selling your Bitcoin right into this rally. Considering Jim Cramer’s volatility, some people were taken back by his words…
Cramer’s Quirky Take on Crypto
Let’s discuss the man himself, Jim Cramer, or as some have said, “the mad scientist of Wall Street” and of course, the host of the financial podcast and television show, Mad Money. Cramer has always been a wild card when it comes to making bold statements. His opinions and insights can vary, and crypto is no exception.
What He Actually Said about Bitcoin
On Jim Cramer’s show, he stated: “It’s not a bad thing, on the other hand, if you own them to take a little money off the table right now… I’d sell my bitcoin right into this rally. I’m not a big believer.”
Needless to say, some crypto enthusiasts weren’t so happy hearing this. But if you really think about what he said, it’s not so strange given Cramer’s style. Let’s examine his message:
Jim Cramer’s Crypto Investment Strategy
- Take advantage of rallies: With cryptocurrencies, many surges can come and go in a short amount of time, so it’s advised to take some profits off the table when such a surge occurs, more so in the short term. Cramer’s strategy is applicable here.
- Be selective when buying: Don’t just buy for the sake of buying. Ask yourself what makes this asset appealing and if you should be buying in the current market situation. Cramer suggested buying more selectively with cryptocurrencies.
- Don’t be afraid to sell: Selling when you reach your price target or stop-loss level is an integral part of trading. Selling at profit when the market is hot is a good rule of thumb. Cramer didn’t suggest one should completely exit their positions.
At the end of the day, it might not be sexy or revolutionary advice, but having a consistent strategy is essential when investing in crypto. And as wild as Cramer is, he sure knows his business. So, crypto fans might disagree with his ideas, but it’s not bad to consider what a seasoned trader such as himself has to say.
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