Jim Cramer Dumps Half of His BTC Stash to Pay Off Mortgage
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Cramer, the host of CNBC’s Mad Money and founder of TheStreet.com, has paid off his mortgage after selling half of his BTC.
“I bought a lot of BTC at $12,000,” Cramer said on Thursday when appearing on CNBC’s Squawk on the Street. “I know people would be angry at me, but I just paid my mortgage with it!”
.@jimcramer discloses that he bought a lot of BTC when it was around $12K. He says he sold half of it to pay off his mortgage yesterday. "It was like phony money paying for real money… I think I won." https://t.co/L909N1g6x0 pic.twitter.com/hfkzTmIdWl
— CNBC (@CNBC) April 15, 2021
Cramer specified neither the exact amount of BTC he sold nor how much he made off the sale; however, last month he said he bought as much as $500,000 worth of cryptocurrency.
Earlier this week, BTC soared to a new all-time high above $64,000, before pulling back below $61,000 on Friday morning after Turkey’s central bank announced it would ban crypto payments by the end of the month.
According to Cramer, the price chart might suggest it was only natural for him to sell at these levels, but to the former Goldman Sachs broker the point of the story comes down to the fact of his mortgage being paid off—with “phoney money paying for real money.”
“I now own a house—lock, stock, and barrel—because I bought this currency. I think I won!” said Cramer.
The TV celebrity first revealed that he bought BTC in December 2020, stressing the importance of diversifying investment portfolios.
Following Tesla’s $1.5 billion BTC purchase earlier this year, Cramer suggested “it’s almost irresponsible” for companies not to include cryptocurrency on their balance sheet.
The CNBC host, however, warned against investing big in BTC—he prefers a traditional approach. Crypto should only be a “piece of the puzzle” for investors, he said.
Cramer is not the first high-profile personality to announce the sale of their BTC holdings. Last year, the likes of Barstool Sports’ president Dave Portnoy and Hedgeye Risk Management CEO Keith McCullough ditched their crypto investments—even though to some of them it came at a loss.
