Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream – Bitcoin News
Mad Money presenter Jim Cramer applauded Elon Musk and Tesla for their investment in bitcoin. He said Tesla, Paypal and Mastercard are pushing bitcoin into the mainstream. He thinks more companies should do more with their money, as Tesla has done.
Jim Cramer on Tesla, Paypal and Bitcoin
Jim Cramer shared with The Street on Monday his take on bitcoin and Elon Musk’s Tesla, which is investing $1.5 billion in cryptocurrencies. Kramer is a host of CNBC’s Mad Money, a former hedge fund manager and co-founder of the financial website Thestreet.com.
He spoke about Tesla shares, which have risen steadily in recent months, and the news that the company has invested in bitcoin. Tesla invested $1.5 billion in bitcoin in January, according to data released Monday by the US Securities and Exchange Commission (SEC). Moreover, the company plans to accept BTC as payment for its products.
Cramer was asked if Tesla’s announcement brought bitcoin into the mainstream. I think so, replied the Mad Money presenter, adding that Paypal and Mastercard’s ads are the same. He continued: I’ve noticed that Mastercard is working on cryptocurrencies, but they don’t talk about them as much as they should:
Do I think Tesla made the right choice? Absolutely. I’ve always thought companies should do more with their money than just keep it for the short term….. I totally applaud Tesla. Again, they are at the top of the list.
According to him, people are buying dochecoins because Elon Musk said: I think the synergy between what Elon Musk is talking about and what Tesla is doing with its balance sheet, and what Paypal says people want it feels like something, not like a ho-ho, but definitely.
Kramer also spoke about the advice he had already given to his viewers. The Mad Money host bought and advised his viewers to buy BTC when it dropped to around $12,000. They traded some of their gold, which I’ve always considered an important allocation, for bitcoin, Kramer said. He noted that he was doing exactly what he said he would do for his own investments.
He bought bitcoins and considered them the equivalent of cash. Of course, the money went through the roof. I didn’t mean to. I wanted it for valuable storage… and I lost weight. Why? Because actually I am a trader in the sense that I wanted to withdraw my capital. When the capital is out, I make it work, so I’m feeling pretty good today.
Do you agree with Jim Cramer about Tesla and bitcoin? Let us know your comments in the section below.
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