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Jim Cramer Sells Half His Bitcoin to Pay Mortgage and Calls It 'Phoney Money'

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Published on:
April 16, 2021

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?

Jim Cramer Sells Half His Bitcoin to Pay Mortgage and Calls It 'Phoney Money'

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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!”

Neat Returns

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?

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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