Bitcoin made me a 'ton of money' unlike stocks and gold — Jim Cramer

Bitcoin made me a 'ton of money' unlike stocks and gold — Jim Cramer

CNBC host Jim Cramer has revealed he made "a ton of money" on Bitcoin (BTC) but gold "let him down."

In an episode of the Pomp Podcast released March 22, Cramer thanked host Anthony Pompliano for inspiring him to invest $500,000 in BTC.

Our top trading bots

Cramer after Bitcoin buy: "Thank you"

"Here's what's going on: you made me a ton of money," he began.

Cramer is well known as a mainstream media finance pundit, and is also familiar to Bitcoiners after a previous Pomp Podcast appearance in September 2020. His latest outing, however, puts him in pole position among CNBC presenters when it comes to being bullish on Bitcoin.

Continuing, he said that unlike with his experience with buying gold and stocks, Bitcoin actually delivered.

"It happened just as you said," he told Pompliano. 

"It also happened much faster than you said, but I'm very grateful — and you know who else is grateful? My kids."

Turning to gold, Cramer updated advice that he claimed to have espoused for almost 30 years. Instead of allocating 10% of one's portfolio to the precious metal, he revealed for the first time that this should now be 5% gold and 5% Bitcoin.

"When I got not schooled but taught by Pomp, I said, 'What am I doing not protecting myself in what I've been saying to people could be hyperinflation?'" he recalled.

While he did not state exactly how much money he had made from his initial investment of around $500,000, the timing suggests that his stash is now worth approximately $2.4 million.

Earlier this week, even Fed Chair Jerome Powell described Bitcoin as a "substitute for gold" while stating that it did not challenge the U.S. dollar.

Bitcoin made me a 'ton of money' unlike stocks and gold — Jim Cramer
Bitcoin returns (orange) vs. gold (purple) and S&P 500 (blue) YTD. Source: Tradingview

Stronger hands win out

Cramer is still a somewhat small-volume hodler compared to many Bitcoin investors who entered at much lower prices. As Cointelegraph reported, however, these whales have become increasingly weak-handed in recent times, selling into every major price rise this year. 

The results continue to be seen in the form of spurts and lengthy consolidations for BTC/USD, a pattern which itself has sparked familiar accusations of volatility and unreliability from naysayers.

Proponents nonetheless cite on-chain data as evidence that the upside is not yet over, with popular estimates for the average price in 2021 running as high as $288,000.

If nothing else, that would make Cramer's hoard worth around $12 million.

Continue reading with Cointelegraph
Voyager ordered by New Jersey to 'cease and desist’
The New Jersey Bureau of Securities has issued a cease and desist order against Voyager Digital for selling unregistered securities through its Voyager...
100 digital payment token firms in Singapore fail to win licenses: Report
More than 100 out of 170 “digital payment token services” in Singapore have reportedly failed to obtain licenses from the local financial regulator, the...
Crypto in the House: Execs on the march, US partisan politics and Web3
On Dec. 8, top executives from six major crypto companies faced the United States House of Representatives’ Financial Services Committee during a special...
Witnesses offer differing opinions on approach to stablecoins at congressional hearing
The Senate Committee on Banking, Housing and Urban Affairs heard from several expert witnesses with knowledge of stablecoins who urged lawmakers to establish...
BREAKING: BlockFi files for physically-backed Bitcoin ETF
Cryptocurrency lending firm BlockFi has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a physically-backed...
Sorare CEO shares bold vision on NFTs during Web Summit 2021 opening night
Web Summit 2021, the biggest tech conference in the world, kicked off on Monday in Lisbon, Portugal, and will last until Thursday. In an opening statement,...
Too early to talk about using crypto for oil trading, says Putin
Russian President Vladimir Putin believes that it’s “still premature” to use cryptocurrencies for settling trades of energy resources such as oil.The Russian...
Billion dollar Bitcoin mining industry resumes in Iran after three month ban
The Iranian government will allow licensed cryptocurrency miners to resume operations today following a three-month ban imposed by former President Hassan...
DeFi TVL hits a record $157B as Ethereum competitors attract investors
Altcoins and DeFi tokens have been on a tear for the last two weeks  and as the end of August approaches many projects are seeing their tokens reach for...
Fetch.ai launches NFT platform for AI-generated art
Blockchain artificial intelligence lab Fetch.ai has launched a new NFT marketplace for AI-generated art, giving users the ability to create digital collectibles...
Chilean Peso stablecoin goes live on Stellar Network
A new stablecoin pegged to the value of the Chilean Peso is now live on the open-source Stellar payments network — but is yet to prove popular with users....
Bithumb to ban employees from trading crypto on its platform
Bithumb, a major South Korean cryptocurrency exchange, is moving forward with trading restrictions for its employees by banning its staff from trading on...
Ark Investment tips $20M into Grayscale Ethereum Trust
Cathie Wood's Ark Investment has reported holdings of 639,069 shares in Grayscale's Ethereum Trust for Q1 — currently worth around $20.9 million at today’s...
XRP Falls 18% In Selloff
Investing.com - XRP was trading at $1.07036 by 22:05 (02:05 GMT) on the Investing.com Index on Friday, down 18.30% on the day. It was the largest one-day...
First Online Cinema On the Blockchain. White Rabbit Cooperates With Streaming Services
White Rabbit is a plug-in for the browser that offers a transparent and instant monetization model for publishers, investors, actors; as well as high-quality...