Jim Cramer
Scott Mlyn | CNBC
CNBC’s Jim Cramer said Thursday that he recently paid off a mortgage using the profits from his investment in bitcoin.
Cramer said he bought “a lot of bitcoin” when the world’s largest cryptocurrency was priced at about $ 12,000. He said he now sold about half of his position.
“I paid a mortgage with her yesterday,” Cramer told Squawk on the Street.
The price of bitcoin reached a record high of $ 64,000 per coin on Wednesday. On Thursday, bitcoin traded around $ 63,000. Its price has increased by over 115% so far.
“Graphically, I might be the only natural seller, but it was so great to pay off a mortgage. It was like counterfeit money paying for real money,” Cramer said.
“I now own a house – a lock, stock and a barrel – because I bought this coin,” he added.
In February, Cramer told CNBC about his motivation for owning bitcoin, describing cryptocurrency as “an alternative to a cash position where you do absolutely nothing.”
The world’s largest cryptocurrency by market value has advanced by about 30% since Cramer’s February 9 comments.
“As a way to have a pastry of things you should use your money with, I’m all for it. I think it’s almost irresponsible not to include bitcoin in a portfolio,” Mad Money “host said in February. .
On Thursday, Cramer seemed to suggest that he followed the investment advice he often supports viewers: reducing positions to make a profit after seeing considerable gains. “We sold half to the end,” Cramer said Thursday of his bitcoin holdings.
Cramer is known to say that investors did not make money in a stock until a share was sold – until then the earnings are only on paper.