Legendary stockbroker Jim Cramer shared that he bought farms and boats through two cryptocurrencies. It should be noted that he previously recommended to stay away from cryptocurrencies.
Jim Cramer gives warnings for cryptocurrencies every year
CNBC’s Jim Cramer regularly covers cryptocurrencies every year. He has previously advised to stay away from cryptocurrencies. In August, he warned investors to stay away from speculative markets, such as cryptocurrencies, as they could strive during the current Fed tightening cycle. However, he said that as an experienced investor he knows how to win:
I bought a farm with my Bitcoin earnings, I bought a boat with Ethereum… You haven’t been doing this for 42 years and you’re losing money every year.
The legendary stockbroker adds that he no longer supports the thesis that Bitcoin serves as a store of value. Cramer argues that Fed Leader Jerome Powell “will suffer until he stops gambling.” The well-known host of CNBC’s Mad Money frequently provides guidance and assumptions for the stock and crypto communities. Because his precedent’s previous assumptions are always wrong, investors more than once do the opposite of his advice.
Jim Cramer challenges investors
Cramer recently urged on Twitter to bet against him when it comes to cryptocurrencies. He mocks Cramer on this issue, as it contradicts what investors have said more than once. The phrase “You haven’t been doing this for 42 years and you’re losing money every year” was for those who thought about it. Cramer has previously stated that he is interested in cryptocurrencies. He made a big investment in Bitcoin in 2020, which saw a process of $12,000. When the sales proceeds reached $64,000 in 2021, Cramer explained in a tweet that he used his Bitcoin profits to buy a farm and his Ethereum benefit to buy a boat.
Cryptocurrency adoption has not slowed down despite the pessimism of the legendary stockbroker
The market has been calm, especially since 2022. But more and more people are turning to cryptocurrencies as a form of payment. International fast food giant McDonald’s has started accepting Bitcoin (BTC) and Tether USDT as forms of payment in Lugano, Switzerland. In September 2021, El Salvador became the first country in the world to accept Bitcoin as legal tender. Since then, Bitcoin has been accepted at all 19 McDonald’s restaurants across the country.
Koindeks.com As you follow, a new Chainalysis report has revealed countries’ use of cryptocurrencies. According to the research, Turkey has the largest process volume in the Middle East and North Africa.