Bitcoin has attracted many types of investors in recent months including high-net-worth investors and institutions. Among these investors is Jim Cramer who is the host of CNBC’s Mad Money. Cramer said that he is still ‘playing with the house’s money’ after selling off some of his cryptos before the recent price crash.
While speaking in an interview with TheStreet, Cramer said that he still believed in Bitcoin despite a $10,000 price correction over the last three days. But, he was quick to add that he was unlikely to acquire more bitcoins unless the price dropped below $20,000 once more. He commented:
“My goal was to get my cash out so I don’t have to think about it. If it goes back under $20,000, I’m a buyer again. But I got my cost out, and I’m playing with the house’s money. This is no different than an entirely erratic stock.”
The popular CNBC host confirmed that he had “sold enough Bitcoin” in the past week to cover his initial stake in the crypto asset. Cramer allegedly acquired his first bitcoin in mid-December when the price was hovering in the $17,000s, at that time terming it a ‘decent level.’
The bitcoin price has lost over 23% in a few days after reaching its all-time high of over $42,000 on January 8. At the time of writing, it is trading between $33,500 and $34,500.