CNBC host Jim Cramer had started to win round some crypto enthusiasts in recent months, helped along by his newfound bullish stance on crypto.
But following a broadcast on Thursday, he might be back at square one with some maximalists.
Speaking during an episode of Squawk on the Street, Cramer called Bitcoin “phoney money” — and revealed that he had sold off half of his crypto holdings in order to pay off his mortgage. The animated analyst said:
“I bought a lot of Bitcoin at $12,000 … I know people are going to be angry at me, but I paid off a mortgage yesterday with it. I don’t know — is that dangerous — I actually sold some! It was so great to pay off a mortgage. It’s like phoney money… paying for real money!”
Based on the price he bought BTC, Cramer’s investment will have risen fivefold. As he said during the broadcast: “I think I won!”
NFL player Russell Okung, who converts his salary into Bitcoin, was among those who called out Cramer on Twitter — and others warned that the CNBC host may regret his decision if Bitcoin enters six-figure territory as some predict.
But Cramer did end up making a good point. Is there any point in accumulating crypto if you don’t take profit off the table once in a while?
It also raises an uncomfortable truth: If some of the big institutions that have amassed tens of thousands of Bitcoin decide to do the same — MicroStrategy and Tesla among them — could this result in the markets being flooded with supply, and cause the price to crash?